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Posted by nospam on October 1, 2007, 6:32 am
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> I'll try a shortened version of nos's reply.
>
> Multiple choice question:
>
> Who borrowed the money?
>
> A. The parent
> B. The child
>
> Only one answer is correct. If you insist that both A and B
> are correct then the answers to all your other questions are
> the worst possible for the tax liablity of the parent.
Though with one qualification, this shortened version is
better than the longer one, the caveat being (as noted
earlier) the still missing "C" -- namely, which of the two
paid (what principal and what interest) towards satisfaction
of the loan.
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