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What are the tax consequences of this loan

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Problem - Deerwood Corporation lends its principal shareholder, Lafayette, $515,600 on July 1 of the current year. The loan is interest-free and payable on demand. On December 31, the imputed interest rules are applied. Assume that the Federal rate is 9%, compounded semiannually. What are the tax consequences of this loan?

Reference no: EM132867707

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