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- In calculating QBI - Since we have to subtract out of income interest income from a shareholder loan, can we add to income the interest expense deduction we took fr the purchase of shares back to the ...
In calculating QBI - Since we have to subtract out of income interest income from a shareholder loan, can we add to income the interest expense deduction we took fr the purchase of shares back to the S corp?
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TaxGirl11
Level 3
04-03-2024
12:46 PM
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QBI Calculation for an S-corp. Shareholder took a loan out of the company and pays the company interest on the loan. It is included in income of the company. I am required to subtract this interest income from income when calculating QBI. I would think the same would hold true if the S corp bought back stock from a shareholder (different SH) and is paying interest on the installment sale. This is an interest expense on the books but I would think I should add it back to income. Thoughts?
