On September 1, 2021, Carol Mason received a loan from her employer of $150,000 to help finance a new house. The interest on the loan is 1%. All employees in the same position can receive similar loans. Assume the relevant prescribed rate was 2 % in Q3 and 3% in Q4. The amount of benefit to be included in Carol's tax return for 2021 is: a. $0 D. $500 c. $1,000 d. $250

On September 1, 2021, Carol Mason received a loan from her employer of $150,000 to help finance a new house. The interest on the loan is 1%. All employees in the same position can receive similar loans. Assume the relevant prescribed rate was 2 % in Q3 and 3% in Q4. The amount of benefit to be included in Carol's tax return for 2021 is: a. $0 D. $500 c. $1,000 d. $250

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 21CE

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