Wally is employed as an executive with Pay More Incorporated.
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Free InquiryWally is employed as an executive with Pay More Incorporated. To entice Wally to work for Pay More, the corporation loaned him $29,000 at the beginning of the year at a simple interest rate of 1.5 percent. Wally would have paid interest of $5,220 this year if the interest rate on the loan had been set at the prevailing federal interest rate.
Pay More forgave the loan on Dec. 31. So, how much gross income does Wally recognize from this, this year?
This question came from one of my reviews, can someone help me solve it? I know that being solvent and insolvent is important when it comes to loans, but this does not have any assets or liabilities.
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