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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

Jeff, a 52% owner of an S corporation has a stock basis of zero at the beginning of the year. Jeff's basis in a \$10,000 loan made to the corporation and evidenced by a corporate note has been reduced to zero by pass-through losses. During the year, Jeff's share of taxable income is \$8,000 and there are no distributions. However, the corporation repays the \$10,000 loan principal to Jeff. Discuss the tax effects. Additionally, assume that there was no corporate note (i.e. only an account payable). Does this change your answer? describe.

Accounting Basics, Accounting

• Category:- Accounting Basics
• Reference No.:- M946372

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