1. The imputed interest rules apply to which of the following type of loan? a.Coercion-related loans b.Loans from one employee to another c.Shareholder-corporation loans made from a shareholder to a corporation d.Gift loans made out of love or affection e.Loans made between two objective parties at the market rate of interest   2. In December 2022, Bellamy collected the December 2022 and January 2023 rent from a tenant. Bellamy is a cash basis taxpayer. The amount collected in December 2022 for the 2023 rent should be included in the 2023 gross income.   True False

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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1. The imputed interest rules apply to which of the following type of loan?

a.Coercion-related loans
b.Loans from one employee to another
c.Shareholder-corporation loans made from a shareholder to a corporation
d.Gift loans made out of love or affection
e.Loans made between two objective parties at the market rate of interest
 
2. In December 2022, Bellamy collected the December 2022 and January 2023 rent from a tenant. Bellamy is a cash basis taxpayer. The amount collected in December 2022 for the 2023 rent should be included in the 2023 gross income.
 
True
False
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