Alicia Anderson loans her son $15,000 and puts in the contract that he is to pay...
Alicia Anderson loans her son $15,000 and puts in the contract that he is to pay it back at 5% interest. The prime rate is 2.5%. Before he makes a payment, she cancels the note. Taking into account the annual exclusion amount for 2018, what is the dollar amount of the gift?
| A. |
$0 |
|
| B. |
$375 |
|
| C. |
$750 |
|
| D. |
$15,750 |
Homework Answers
|
The dollar amount of the gift = 15,000 * 5% = $750 Option C is the answer |
||||
| Comment if you face any issues |
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