@AliciaP1 Thank you for your explanation. My question is really turbotax specific and not related to treatment of open account debt vs formal note. I am aware of Brooks v. Commissioner, TC Memo. 2005-204 and the subsequent Treasury regulations it triggered.
Your response does touch on something that I had acknowledged in my post i.e. to submit additional part IIs when there is more than three debts to report. My question is how does one go about creating additional Part IIs in turbotax? I am not able to create additional Part IIs in turbotax. If you could provide me the steps it will help. I am using turbotax business.
Thanks
