Proper reporting of S corporation indebtedness.
| Position | News&Trends - Brief article |
Unlike partners in a partnership, shareholders of an S corp may acquire tax bases in the S corp indebtedness only to the extent of their loans made directly to the corporation [IRC Sec. 1367(b)(2)(A)]. Therefore, proper reporting of S corp indebtedness on the balance sheet is essential to avoid unnecessary income tax examinations. S corps must report all loans received directly from shareholders on Line 18...
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