A client of mine with an Scorp purchased fixed assets, goodwill, and inventory from his dad three years ago in the amount of $197,000.00. There was a contract drawn up and loan taken for the full $197,000. Currently amortizing and depreciating. His dad passed away last year when the loan balance was $133,000.00. The dad forgave the loan on his deathbed. Trying to avoid COD. Was hoping to figure out a way to cancel things out via inheritance. Any ideas?

 

Thanks