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Category > Accounting Posted 25 Apr 2017 My Price 5.00

The Robin Corporation is owned as follows

53.              

 

The Robin Corporation is owned as follows:

Isabelle                                                                                                                                                   26%

Peter, Isabelle’s husband                                                                                                          19%

Sonya, Isabelle’s mother                                                                                                           15%

Reggie, Isabelle’s father                                                                                                             25%

Quinn, an unrelated party                                                                                                       15%

 

Robin is on the accrual basis, and Isabelle and Peter are on the cash basis. Isabelle and Peter each loaned the Robin Corporation $40,000 out of their separate funds. On December 31, 2015, Robin accrued interest at 7% on both loans. The interest was paid on February 4, 2016.

 

What is the tax treatment of this interest expense/income to Isabelle, Peter, and Robin?

 

 

Answers

(6)
Status NEW Posted 25 Apr 2017 10:04 AM My Price 5.00

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file 1493114785-Answer.docx preview (135 words )
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