My understanding is that you got a loan to purchase shares of an S-Corp, not to purchase a property to exchange for shares of an S-Corp. Publication 551 (the link I provided originally) takes you to the section regarding the purchase of stocks (shares of an S-Corp) and bonds. It reads:
The basis of stocks or bonds you buy is generally the purchase price plus any costs of purchase, such as commissions and recording or transfer fees. If you get stocks or bonds other than by purchase, your basis is usually determined by the fair market value (FMV) or the previous owner's adjusted basis of the stock.
The bolded section refers to loan costs incurred in obtaining a loan to purchase the stocks. It is not an amortizable cost, but increases your basis (value) of the stocks you purchased. I didn't mean to confuse the issue by comparing it to a mortgage.
[Edited 3/30/23 | 7:45 AM PDT]
@FLAsun
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