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Pete's employer loaned him $150,000 this year (interest-free) to buy a new boat. If the federal interest rate
was 3 percent, which of the following is correct?
A Pete's employer recognizes $4,500 of deductible interest expense.
B Pete recognizes $4,500 of imputed dividend income.
C) Pete recognizes $4,500 of imputed compensation income.
D) Pete recognizes $4,500 of taxable interest income.

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