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:

Mentally Ill

Individuals suffering from mental health disorders that affect their mood, thinking, and behavior.

Madness

An outdated term often used historically to describe severe mental illness or behaviour perceived as wildly irrational, not commonly used in clinical contexts due to its pejorative implications.

Affirmative Action

Policies or measures designed to increase opportunities for underrepresented groups in areas such as employment and education, as a means to address past discrimination.

Constitutional

Refers to laws, principles, or systems that constitute a country's legal foundation and govern its political and institutional operations.