I'm sorry. I didn't understand that this was a personal loan.
A personal loan isn't a taxable event. That is between you and the person who you made the loan to. It shouldn't be entered on the S-Corporation at all.
If you have invested money into an S-Corporation through a business loan or contribution of capital then that is an event that needs to be documented on the return. If this is a personal loan and you are forgiving it based on someone giving you the remaining assets of their corporation then that is not a reportable event.
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