Question $3(2$ points$)$

Martin Locks, a Canadian resident, owns $100$ percent of the shares of Locks Inc., a Canadian corporation specializing in padlocks with a December $31$st year end. On January $1,2023,$ the corporation loans Martin $\backslash$$$350,000$ in order to assist him in acquiring a new principal residence. The loan is interest free and will be paid back on February $1,2025.$ While small loans are made to other employees of the Company, a loan of this size is only available to Martin. Assume that the prescribed rate is $4$ percent throughout $2023$ and $5$ percent throughout $2024.$ Which of the following statements is correct?

Martin will have to include $\backslash$$$350,000$ in his $2024$ Net Income For Tax Purposes per $15(2\mathrm{.}6).$

Martin will have to include $\backslash (\backslash$$ $14,000\backslash )$ in his Net Income For Tax Purposes for $2023$ per $6(9).$

Martin will have to include $\backslash$$$350,000$ in his $2023$ Net Income For Tax Purposes per $15(2).$

Martin is exempt from including the loan in his $2023$ Net Income for Tax Purposes per $15(2\mathrm{.}4).$

Martin will have to include $\backslash$$$14,000$ in his Net Income For Tax Purposes in $2023$ per $15(9).$