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EFCPA
Level 1
09-23-2022
10:03 AM
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Shareholder made a loan to S Corp of 78,000. The S Corp had a loss of 50,000 which the shareholder deducted on 1040, leaving him with a 28,000 basis in the loan The S corp has no assets, and will not be able to repay the shareholder. It will be filing a final return in 2022. How does the 78,000 loan (which will be written off by the s corp) be reported on the 2022 return? Will it be considered tax exempt income? How does this effect the shareholder personal tax? Can shareholder expense the 28,000 as a bad debt on his 2022 1040? If yes, would it be business or non business bad debt?
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