When might borrowing money give rise to a taxable event

Reference no: EM133558027

When might borrowing money give rise to a taxable event to the borrower? When the money is borrowed from a commercial bank When the borrowed money is secured by property When the borrowed money is not repaid because the lender forgives the debt When the money is borrowed at a rate higher than the prevailing market interest rate Borrowing money always causes a taxable event

Reference no: EM133558027

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