Skip to main content
J
jastaxes47
Level 1
December 7, 2019
Solved

I own 100% of a C Corporation that has loaned to me $1,000,000.00 over the last 20 years. What are the options to eliminate this loan to me on the books?

  • December 7, 2019
  • 8 replies
  • 39 views
No text available
This topic has been closed for replies.
Best answer by TaxGuyBill

The most obvious answer is to pay back the loan.

8 replies

T
TaxGuyBillAnswer
December 7, 2019

The most obvious answer is to pay back the loan.

abctax55
abctax55
Level 15
December 7, 2019

Sniff, sniff ...homework?

If not, if there was $ 1M to loan,  then there's enough cash to pay for a consult with an attorney & a paid tax pro to evaluate all the options.

HumanKind... Be Both
IRonMaN
IRonMaN
Level 15
December 7, 2019

Congratulations, you just won a $1,000,000 paycheck since you evidently had been taking a paycheck over the last 20 years without paying taxes on it ------------------ at least that's the way the IRS will look at it.

Slava Ukraini!
M
mojocpa
Level 6
December 7, 2019

or they could be classed as Dividends 

abctax55
abctax55
Level 15
December 7, 2019
Even worse...double taxation !
Altho penalties on late filed payroll for 20 years would sure add up.
HumanKind... Be Both
Terms & ConditionsAccessibility statement
Tax software
Intuit Lacerte Tax
Intuit ProConnect Tax
Intuit ProSeries Tax
Referral Program
Workflow add-ons
Intuit Tax Advisor
Hosting for Lacerte & ProSeries
eSignature
Protection Plus
Pay-by-Refund
Intuit Link
Accounting solutions
QuickBooks Online Accountant
QuickBooks Accountant Desktop
EasyACCT
Training & support
Training Center
Learn & Support
Resources for starting a tax practice
Tax Pro Center
How to get started offering advisory services
Call Sales: 833-564-8436
Sitemap
Turbotax icon creditkarma icon QuickBooks icon Mailchimp icon
About Intuit Join Our Team Press Room Affiliates and Partners Software and Licenses

© 2026 Intuit Inc. All rights reserved.

Intuit, QuickBooks, QB, TurboTax, ProConnect, Credit Karma, and Mailchimp are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.

By accessing and using this page you agree to the Terms and Conditions.

Terms and Conditions About cookies Manage cookies
Legal Privacy Security
TRUSTe
Products
T1 Tax Module
T2/CO-17 Tax Module
T3 Tax Module
T4, T5 & Other Tax Forms
Tax Suites
Single Returns (OnePay)
ProFile 20
QuickBooks Online Accountant
Pricing
Pricing & bundles
Free trial
Learn
Getting started
Training
Webinars & events
Support
Download & activate
Community & support
System requirements
Refer a friend
Call sales: 1-844-861-3600
Manage cookies

© 2026 Intuit Inc. All rights reserved.

Intuit and QuickBooks are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.

Legal Privacy Contact Contact
Logiciels
Logiciel d’impôt T1
T2/CO-17 Tax software
Logiciel d’impôt T3
T4, T5 et autres formulaires fiscaux
Suites Fiscales
PayezPourUN
ProFile 20
Signature Intuit pour ProFile
QuickBooks en ligne Comptable
Prix
Prix et offres groupées
Essai gratuit
Apprentissage
Démarrage
Formation
Webinaires et événements
Soutien
Télécharger et activer
Communauté et soutien
Exigences système
Recommandez un ami
Appeler les ventes : 1 800 943-9834
Paramètres des témoins

© 2026 Intuit Inc. Tous droits réservés.

Intuit et QuickBooks sont des marques déposées d’Intuit, Inc. Les modalités, les fonctions, le soutien, les prix et les options de service peuvent être modifiés sans préavis.

By accessing and using this page you agree to the Terms and Conditions.

Nos offres d’emploi Contactez nous Renseignements juridiques Confidentialité