All senior officers of ABC Bank are entitled to obtain a housing loan. X is an Executive Vice President for Operations of ABC Bank. She obtained a housing loan with the bank. It is now argued that the loan is a DOSRI loan and must therefore be approved by the Board of Directors of the bank. Is the argument correct?

All senior officers of ABC Bank are entitled to obtain a housing loan. X is an Executive Vice President for Operations of ABC Bank. She obtained a housing loan with the bank. It is now argued that the loan is a DOSRI loan and must therefore be approved by the Board of Directors of the bank. Is the argument correct?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter15: S Corporations

Section: Chapter Questions

Problem 2BD

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