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LLC taxed as a C corporation - Money withdrawn from business during the year. How is this filed on their Corporate 1120 and personal return?
I have a client that is a LLC taxed as a C corporation. They have taken out payments to themselves in the course of a year. Their accountant recorded the payments as an expense. How is this filed on their personal tax return and on the corporate return?
Should this be a loan/distribution/dividend?
The payments to them for 2018 and 2017 is causing negative equity as well on their financials.
