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Find what amount is included in Es employment income

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Question - On January 1 of the current year, E received a loan of $500,000 from her employer. The principle is repayable after 5 years. The loan bears interest at 1% per annum, which is paid monthly. The prescribed interest rate was 3% for the first quarter of the year and 5% for the remainder of the year. E used the loan to assist with the purchase of a home. Find what amount is included in E's employment income for tax purposes in the current year?

Reference no: EM132643253

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