Trip loans $11,000 to his sister, Tish, and does not charge her interest. Which of the following statements describes the income tax consequences of this transaction?
a) Trip must report the interest income on his tax return
b) Trip can deduct the interest expense on his tax return
c) Trip does not have to report any income or expense related to this transaction on his tax return
d) Tish must report the interest expense on her tax return
