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Loans & Lending Practices MCQs

Why is a loan not taxable income?

Because there are laws against it

Because there is no increase in the wealth of the person taking a loan

Because people lie on their tax returns and do not include it

Because taxing them is not fair to people

Answer

Correct Answer: Because there is no increase in the wealth of the person taking a loan

Explanation:

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More Loans & Lending Practices MCQ Questions

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