A circuit for synthesizing an impedance associated with a telephone subscriber's circuit connected to a two-wire telephone line is described. The circuit of the invention is adapted to synthesize a complex impedance which can function both as a termination impedance and a balance impedance. The termination impedance utilizes a positive feedback loop structure having a loop gain which is at all times less than unity. The circuit that implements both the termination and balance impedances with sidetone suppression is also described. Each of the embodiments is realizable with a single external component consisting of a resistor.