So it seems like it's a C Corp, and we're double checking on it to make sure. Assuming it is a C Corp, I have another clarifying question: the $1k loss was all through cash investment. He put 3k in as startup and got 2k back when he left. That part wasn't in stock; just startup cash. There was a separate $26 stock purchase and sale. So I'll do $26 in stock purchase and sale. But does the $1k get reported in that as well, even though it was cash and not specifically for stock? Or does that get reported through the business income section as outlined in the 1st response to my original post (as if it was on a K-1 form)? I just want to make sure I enter this properly. I appreciate the help!
