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Revenue Ruling 2002-78 - CPI Adjustment For Below-market Loans For 2003. The Amount That Section
Get Revenue Ruling 2002-78 - CPI Adjustment For Below-market Loans For 2003. The Amount That Section
As follows: Authority: 26 U.S.C. 7805 * * * tries in numerical order to the table to read as follows: Par 5. In section 602.101, paragraph (b) is amended by adding the following en- ***** (b) * * * 602.101 OMB Control numbers CFR part or section where identified and described Current OMB control No. ***** 1.6043 4T ........................................................................................................................................................................ 1.
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Superseded FAQ
section 7872(f)(2)(B) states that the applicable federal rate is the federal short-term “for the period for which the amount of foregone interest is being determined, compounded semi-annually.” Because federal rates can change can change monthly, the calculation of interest would have to be month-by-month, although it ...
A below-market loan is defined in Section 7872(e) as any loan where, for a demand loan, interest is payable at a rate less than the AFR, and for a term loan, the amount loaned exceeds the present value of all payments due under the loan.
The below-market rules also do not apply to compensation-related loans between employers and employees and corporations/shareholders if the aggregate loans outstanding between the respective parties do not exceed $10,000.
Section 7872(g)(1) of the Code provides that, in general, § 7872 does not apply for any calendar year to any below-market loan made by a lender to a qualified continuing care facility pursuant to a continuing care contract if the lender (or the lender's spouse) attains age 65 before the close of the year.
The $100,000 De Minimis Exception If the total sum of lending is less than $100,000, the IRS allows you to charge interest based on the lesser of either the AFR rate or the borrower's net investment income for the year. If their investment income was $1,000 or less, the IRS allows them to charge no interest.
De minimis loans aggregating less than $10,000 The below-market rules also do not apply to compensation-related loans between employers and employees and corporations/shareholders if the aggregate loans outstanding between the respective parties do not exceed $10,000.
Aggregate Related content
Part I
Part I. Section 7872.--Treatment of Loans with Below-Market. Interest Rates. Rev. Rul...
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