Under the imputed interest rules, gift loans between a daughter (lender) and her mother (borrower) may result inI.No imputed interest income recognized by the mother.II.No imputed interest deduction by the daughter.III.Imputed interest income recognized by the daughter.IV.Deduction allowed for imputed interest expense by the mother.()A.Only statements I, II, and III are correctB.Only statements I and IV are correctC.Only statements I and II are correctD.Only statement III is correctE.Only statements III and IV are correct
Under the imputed interest rules, gift loans between a daughter (lender) and her mother (borrower) may result in
I.No imputed interest income recognized by the mother.II.No imputed interest deduction by the daughter.III.Imputed interest income recognized by the daughter.IV.Deduction allowed for imputed interest expense by the mother.()
A.Only statements I, II, and III are correct
B.Only statements I and IV are correct
C.Only statements I and II are correct
D.Only statement III is correct
E.Only statements III and IV are correct
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