If an Installment Sale Contract Does Not Charge Interest on the Sale

question 24

True/False

If an installment sale contract does not charge interest on the sale of a capital asset, the IRS will impute interest and thereby increase the taxpayer's capital gain and interest income.

---

Definitions:

Deist

A person who believes in deism, the philosophical belief in the existence of a supreme being who does not intervene in the universe.

Higher Power

A term often referring to a spiritual force or deity that surpasses human abilities and understanding.

Pew Research

A nonpartisan fact tank that conducts research and provides information on social issues, public opinion, and demographic trends.

Social Media Usage

The practice of using websites and applications that enable users to create and share content or to participate in social networking.