Question: Show me the steps to solve Problem 4 - 5 2 ( LO . 4 ) Your client, Aldridge, is a generous individual. During the

Show me the steps to solve Problem 4-52(LO.4)
Your client, Aldridge, is a generous individual. During the year, he made interest-free loans to various family members when the Federal rate was 3%. What impact, if any, will each of the following loans have on Aldridge's gross income?
If an amount is zero, enter "0".
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a. On June 30,2024, Aldridge loaned $12,000 to his cousin, Jim, to buy a used truck. Jim's only source of income was his wages on various construction jobs during the year.

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