wootwoot28
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12-07-2019
09:14 AM
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Client personally guaranteed loan for a c-corp. A portion of the loan was discharged by the bank and the 1099-c was issued to the client PERSONALLY. How would we report this? Especially as a reduction in the basis is necessary. Would we report on 1040 or 1120 or both?!
Tags: Form 982, section 108, tax attributes, indebtedness, basis adjustment
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