Discussion:Loans/tax exempt

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Discussion Forum Index --> Tax Questions --> Loans/tax exempt

Ssb (talk|edits) said:

28 November 2006
taxpayer incorporates 
father in law loans money to business
entity later receives tax exempt status
can tax exempt repay loans

Estiben (talk|edits) said:

28 November 2006
To my knowledge, whether an entity is tax-exempt has no bearing on its indebtedness. Yes, can and should repay loans.

Natalie (talk|edits) said:

November 28, 2006
Yes, loans to exempt organizations are allowed. If the balance is not repaid by the end of the year and a 990 is required to be filed, the loan will need to be disclosed (assuming father in law is related party, which it sounds like he is).

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