Problem 4-48 (LO. 2, 4) Your client, Aldridge, is a generous individual. During the year, he made interest-free loans to

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Problem 4 48 Lo 2 4 Your Client Aldridge Is A Generous Individual During The Year He Made Interest Free Loans To 1 (117.01 KiB) Viewed 20 times

Problem 4-48 (LO. 2, 4) Your client, Aldridge, is a generous individual. During the year, he made interest-free loans to various family members when the Federal rate was 3%. What are the tax consequences in 2022 of the following loans by Aldridge? If an amount is zero, enter "0". a. On June 30, 2022, Aldridge loaned $12,000 to his cousin, Jim, to buy a used truck. Jim's only source of income was his wages on various construction jobs during the year. The computed imputed interest amount for 2022 is $ than $ and does not have any investment income. However, b. On August 1, 2022, Aldridge loaned $8,000 to his niece, Sonja. The loan was to enable her to pay her college tuition. Sonja had $1,200 interest income from CDs her parents had given her. The computed imputed interest amount for 2022 is $ exceed $1,000, c. On September 1, 2022, Aldridge loaned $25,000 to his brother, Al, to start a business. Al had $220 of dividends and interest for the year. The computed imputed interest amount for 2022 is $ However, This is because the loan was less is imputed. d. On September 30, 2022, Aldridge loaned $150,000 to his mother so that she could enter a nursing home. His mother's only income was $9,000 of Social Security benefits and $500 of interest income. However, Because this amount This is because the loan exceeded