Malik's grandfather has loaned him $110,000 toward opening a restaurant and has told malik that the loan is interest-free. why might this be a problem? the loan is for too much money. malik shouldn't borrow money from his relatives. the irs requires that all loans for more than $100,000 be at market-rate interest. the irs will charge malik a transaction fee.

First, we should understand that loans are not gifts, secondly, the IRS has a strict tax rule on both family gifts and a family loan. Note, the annual limit for tax-free gifts to individual family members is $14,000, in this case, it is important to include interest rate since the said amount is more than the $14,000, also the interest on the loan must be at least as high as the minimum interest rates set by the IRS. Therefore, in this scenario, the loan has to come with an interest rate.

administrative jobs normally have someone answering phone calls and scheduling appointments, filing patient or customer information, making sure the front of the office looks nice to those who enter the building. administrative jobs can also include making sure the manager has everything they need for meetings, making delivers and much more. administrative jobs are important to most businesses as are customer service focused as they are often one of the first impressions a consumer sees of a business.

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