I am a 50% partner/member in an LLC treated as a partnership. Over time I have loaned the LLC money which the LLC has never been able to repay. In 2019 we sold the assets of the business at a loss. At 12/31/19 the loan balance remains outstanding and will never be repaid. How is this treated for tax purposes (1) on the LLC return and (2) on my personal return. Thank you.
