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Would the IRS consider an inputed interest rate on a no interest Promissory Note?
Wiki User
∙ 16y ago
This is really situational....in corporate or business..it would almost always be done as part of an OID (original interest discount) calc.
In personal situations, where actually interest paid has little tax effect the difference to the lender between the principal lent and the amount repaid would clearly have to be a gain/interest of some type.
Wiki User
∙ 16y ago
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When does interest start accruing on a Convertible Promissory Note?
Check the note, but it almost surely would start on the date the note is issued.
Why does a Promissory Note indicate the state where executed?
State laws vary. The promissory note would be subject to the laws of the state where it was executed.State laws vary. The promissory note would be subject to the laws of the state where it was executed.State laws vary. The promissory note would be subject to the laws of the state where it was executed.State laws vary. The promissory note would be subject to the laws of the state where it was executed.
Will you sue for not returning the money which you lend and which you made a promissory note but for one year you pay the interest and currently you made installment to the principal?
Yes, they can file a suit, but if you have not breached any part of the promissory note agreement it would be considered frivolous and you should be able to get it dismissed upon showing prove of performance on the note.
Is promissory note a business letter?
A promissory note would be more accurately described as a legal document, rather than a business letter.
What are the factors to consider when selecting a credit card?
There is a few things to consider when selecting a credit card. The main things to consider would be interest rates, reviews on the company and what you are wanting to use the card for.
Would a promissory note be null and void if nothing was ever lent or borrowed?
A promissory note is an unconditional promise to pay a fixed amount at a fixed time accruing a fixed interest thereafter.Promissory notes differ from IOUs in that they contain a specific promise to pay, rather than simply acknowledging that a debt exists. In common speech, other terms, such as "loan," "loan agreement," and "loan contract" may be used interchangeably with "promissory note" but these terms do not have the same legal meaning.So the answer depends on whther this is a true promissory note or an instrument that was created to memorialize a transaction that wasn't completed.ClarificationThe answer is that if there is a fully executed promissory note then it can be enforced in court. A fully executed promissory note is absolute evidence that the borrower owes the lender. A defense that the borrower never received the money would be difficult to prove. If the funds were not transferred to the borrower there should not be a fully executed promissory note.First, the promissory note should only be signed by the borrower at the same time the funds are handed over. Second, if one was executed and the funds were not paid over to the borrower then the promissory note should not be signed by the borrower and if signed, it should be destroyed since the loan was not completed.
Would the national association of realtors be consider a interest groups?
Yes. They have been rated 9th on Fortune's "Power 25"- the twenty-five most effective interest groups.
Can an expert witness for defense be the plaintiff's medical doctor?
I believe that any lawyer would consider this to be a conflict of interest, and not allowed.
Can you make me a promissory note?
There are several things that you would require to include in a promissory note. This is a document with promise to pay which includes the specific bearer, definite date and exact amount to be paid.
What should I consider before attending a jewelry design school?
You should consider whether your interest is in art, design, or jewelry cutting itself. You should also consider whether the program would afford you a stable job in the future after you graduate.
Who would consider the Rosetta stone important?
Any one with any interest in old Egypt has to consider the Rosetta stone as important, b/c it was the key thing that made it possible to translate the hieroglyphs.
Does destroying a promissory note establish that the debt has been satisfied or is a release of promissory note required?
It would be best to keep the promissory note, ask for a release, or receipt of payment in full and, if there is any question in your mind regarding future issues, copies of the checks you used to pay the debt. If you paid cash, definitely get the release.
