Solution-What amount is included in E employment income

What amount is included in E employment income

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Question - On January 1 of the current year, E received a loan of $200,000 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 4% 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. What amount is included in E's employment income for tax purposes in the current year?

Reference no: EM132641301

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What amount is included in E employment income

Reference no: EM132641301

Reference no: EM132641301

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