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I have a client that Purchase a Business under the S-Corp. for the amount of $58,000 which $14,080 was Furniture and Fixed Assets and the rest is the Business Name. Where in the 1120s & Balance Sheet would go this information. It was Purchase with business and personal accounts which the Owner wants the Corp to repay him back in the future?
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Thank you so much
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"which the Owner wants the Corp to repay him back in the future?"
If it looks like a shareholder loan and acts like a shareholder loan, it gets documented as a shareholder loan.
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Thank you.
Do I have to file form 8594 for the Purchase of the Business?
Sorry for the additional question?
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You'll need to read "Who Must File" here:
https://www.irs.gov/instructions/i8594
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Thank you so much
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here is a link. https://www.irs.gov/pub/irs-pdf/i8594.pdf