Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Knighty Tin who wrote (212382)	1/4/2003 10:58:36 AM
From: mishedlo	Read Replies (2) of 436258

I have a question on these 0% loans. If I offer you a 10,000 loan at 0% interest, the govt does not allow it. They will want me to pay taxes on the fair value of that loan (fair value of interest that I should have received). In other words I would have to pay taxes on interest never received. Why shouldn't Auto companies be subject to the same provision. Perhaps they are but I do not know it. Or perhaps they are losing so much money that they do not have any taxes to pay. How does this work? It all seems backwards anyway doesn't it? Why shouldn't the person reveiving the free loan be the one who has to pay the taxes. I bet there is a big mess here if the IRS started looking into it. Perhaps I am mistaken. M

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