Discussion:Question for PA preparers-loans tax
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Discussion Forum Index --> Advanced Tax Questions --> Question for PA preparers-loans tax
Discussion Forum Index --> Tax Questions --> Question for PA preparers-loans tax
| 16 March 2008 | |
| I have a question on the corporate loans tax. S corp has a payable to shareholder of $100,000. Shareholder made some additional loans during the year and took sporadic payments. No set amount. I calculate imputed interest and add to payable. Since the shareholder took some loan payments does this loan tax apply? How would it be calculated as it appears to be .004 of the outstanding debt but is calculated based upon the interest paid during the year-not sure how to calculate the interest component of the sporadic payments shareholder took. Any help is appreciated. | |
| 17 March 2008 | |
| I would think it applies. The imputed interest is treated as though it were paid and loaned back. | |
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