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Determine taxable benefit associated with employer loan

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Frankie purchased a new house in April of 2022. Under the terms of her employment, she received a $250,000 housing loan on April 1st at a stated interest rate of 1%. She pays interest on the loan monthly. The prescribed interest rates for this type of transaction are the following: Q1 - 4%; Q2 - 5%; Q3 - 4%; Q4 - 6%. Irene paid her December 2022 monthly interest payment on January 15, 2023.

REQUIRED: Determine the taxable benefit associated with the employer loan.

Reference no: EM133266845

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