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Problem - Elizabeth made the following interest-free loans during the year. Assume that tax avoidance is not a principal purpose of any of the loans. Assume that the relevant Federal rate is 5% and that the loans were outstanding for the last six months of the year.
Borrower
Amount
Borrower's Net Investment Income
Purpose of Loan
Richard
$5,000
$800
Gift
Woody
8,000
600
Purchase stock
Irene
105,000
-0-
Purchase residence
What are the effects of the imputed interest rules on these transactions? Compute Elizabeth's gross income from each loan:
a. Richard
b. Woody
c. Irene
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