In order to add an addition on to their home, Bill and Mary borrowed $80,000 from Mary's father Jim. The money is to be repaid in 5 years and Jim's only other financial requirement is that Bill and Mary pay him the 1% rate per year that he was earning from his online money market account. The mid-term AFR rate is 3%. Additionally, Bill and Mary have net investment income in the current year of $1,500. How much total income must Jim recognize on his taxes for the first year

two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.