Discussion:C-Corp Dissolved, SH Loan, Bad Debt
From TaxAlmanac, A Free Online Resource
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Advanced Tax Questions --> C-Corp Dissolved, SH Loan, Bad Debt
Discussion Forum Index --> Tax Questions --> C-Corp Dissolved, SH Loan, Bad Debt
| 21 January 2008 | |
| I've read the other discussions, but have not seen a definite answer. A shareholder is taking a business bad debt as the loans were to secure his job. Is this reported on the 4797 or Sch A? Where is it inputted in Lacerte? Thanks! | |
| 21 January 2008 | |
| I think if it's an employee/shareholder the deduction is on schedule A. If it's an investor/shareholder it would be schedule D. | |
| 21 January 2008 | |
| I imagaine there's an issue converting a loan to Sec 1244 stock? | |
Rgtaxservice (talk|edits) said: | 21 January 2008 |
| I thought the Sec 1244 designation had to be made at the time it was issued, not after the fact. | |
| 21 January 2008 | |
| exactly my point, that there would be an issue converting | |
| January 21, 2008 | |
| Why? If the debt is exchanged for newly issued shares, it would qualify. | |
| 21 January 2008 | |
| Internal Revenue Code:Sec. 1244. Losses on small business stock debt doesn't qualify | |
To join in on this discussion, you must first
log in.
