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how do I enter a loan used to buy back corporation shares for more than the amount in the capital account
such as 180000 added to cash ( 180000 ) loans due greater than one year
distributions 180000 (51000) capital account
(129000) ????
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"Such as added to cash" = Banking menu > Make Deposit. The "from" account is Long term Liability.
The "distribution" is Banking menu > Write Check. On the Expenses tab, you put the Splits. Distribution from equity is one line. Treasury stock equity account is the second line. Now you have the total of the Check = the amount spent.
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Treasury stock
The more I know the more I don’t know.
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Methinks this is a QB question, not a tax question.
FWIW tho...distributions > basis result in capital gains.
AND, uneven distributions may void the S-election.
NMI?
