In 2013 Betty Loaned Her Son,Juan,$10,000 to Help Him Buy

question 93

Multiple Choice

In 2013 Betty loaned her son,Juan,$10,000 to help him buy a car.In 2014,before he repaid the $10,000,Betty told Juan that she was "tearing up" the $10,000 note as a graduation present.How should Juan treat the amount forgiven?

• A)taxable income in year of loan
• B)taxable income in year of forgiveness
• C)excludable gift in year of loan
• D)excludable gift in year of forgiveness

---

Definitions:

Canadians

Residents or citizens of Canada, a country in North America.

Canadian Community Health Survey

A nationwide survey gathering information related to health status, healthcare utilization, and health determinants for the Canadian population.

Diabetes Risk

The likelihood of developing diabetes based on genetic, lifestyle, and environmental factors.

Canadians

Individuals originating from or holding citizenship in Canada, a country in North America.