Question $4$

The general rule is that loans made to shareholders must be included in the shareholder's income in the calendar year that the loan is received. There are, however, a number of exceptions to this rule. Which of the following is NOT an exception to the general rule?

An interest free loan to an employee$/$shareholder of a bank.

A loan extended to an owner manager that must be repaid within two years. The company has a December $31$ taxation year end and the loan is made on January $1$ of the current year.

A loan to an owner$-$manager to acquire an automobile that will be used in the individual's employment duties. The company has no other employees.

A loan to an owner$-$manager to assist in the purchase of a principal residence. The loan does not have a specific repayment date.