CB777
Level 1
07-10-2022
11:23 PM
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For example, LLC Ending Balance Sheet:
$10,000 cash
$0 Fixed Assets (Fully expensed through bonus or 179)
$15,000 Loans to acquire Fixed Assets
($5,000) Negative Equity
How do I show this in my S-Corporation Return Balance Sheet?
Some "Experts" have told me that the $5,000 would be a taxable gain to the LLC owner. Is that correct?
$10,000 cash
$0 Fixed Assets (Fully expensed through bonus or 179)
$15,000 Loans to acquire Fixed Assets
($5,000) Negative Equity
How do I show this in my S-Corporation Return Balance Sheet?
Some "Experts" have told me that the $5,000 would be a taxable gain to the LLC owner. Is that correct?
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dkh
Level 15
07-11-2022
10:37 AM
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Is this the first year for the SMLLC and they're electing SCorp status?
Doesn't sound like it but want to be sure.
