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Thanks for the response George4Tacks! Will you please see the additional info shared above and advise
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Corp did not close and he did not loose the asset. However the asset has lost the majority of it's value.
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I should add that the C-corp became insolvent (which is why the bank discharged a portion of the debt). However, the individual taxpayer is not personally insol...
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Client personally guaranteed loan for a c-corp. A portion of the loan was discharged by the bank and the 1099-c was issued to the client PERSONALLY. How would w...
