Which of the Following Always Generate Taxable Income

question 2

Multiple Choice

Which of the following always generate taxable income?
I.Interest free loan over $10,000 from family member.
II.Interest free loan over $10,000 from employer.
III.Interest free loan under $10,000.
IV.Interest free loan over $100,000.
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• A)Only statement I, II and IV are correct.
• B)Only statements II and III are correct.
• C)Only statements I and IV are correct.
• D)Only statement IV is correct.
• E)Only statements II and IV are correct.

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Definitions:

External Oblique Muscles

Muscles located on the side and front of the abdomen, which help in rotating the trunk and pulling the chest downwards.

Intermediate Back Muscles

A group of muscles located between the superficial and deep layers of back muscles, contributing to the movement and stabilization of the spine.

Erector Spinae

A group of muscles running vertically along the spine that help maintain posture and facilitate movement of the vertebral column.

Spinalis Thoracis

A part of the erector spinae muscle group located along the thoracic spine, assisting in extending the vertebral column.