If
- you did not personally loan money to the corporation, and/or
- you did not guarantee or co-sign a loan made to the corporation and personally make a loan payment on that loan,
then you do not have to complete Part II Shareholder Debt Basis of IRS form 7203.
IRS Instructions for Form 7203, page 3, states:
Part II. Shareholder Debt Basis
You must complete this section if you have personally loaned money to the corporation.
and also this
Loans that a shareholder guarantees or co-signs are not part of a shareholder’s loan basis except to the extent the shareholder makes a payment on the loan guaranteed or co-signed.
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