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Parent loans child $1 million interest-free at a time when the Section 7872(f)(2) applicable federal...

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Accounting

Parent loans child $1 million interest-free at a time when the Section 7872(f)(2) applicable federal rate is 10 percent. See IRC Section 7872(a), 7872(c)(1). 7872(f)(2). Parent has a right to call the loan at any time Parent wishes and does so at the end of a year. Has Parent made any gift to Child?

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