What happened to the loan? Was it forgiven? Are you still obligated to repay it personally?
If you are not required to report the balance sheet on the return (both federal and state), then you might as well not report it.
You probably still want to figure out if this loan will affect your basis as a shareholder. It may affect the taxability of distributions you made. It may also affect how you will fill out (if required) form 7203 on your individual tax return.
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