workhard2022
Level 4
02-21-2024
10:37 PM
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Thank you for sharing your knowledge! If the shareholder paid for business inventory out of her pocket. I recorded this as a " Loan from the shareholder" in the bookkeeping (balance sheet). Can I reclass it to " additional paid-in capital" later? any limitations or requirements to do this? Just considering if I can avoid reporting this "loan from the shareholder" on form 7203.