Can you provide some additional information:
Did you loan money to the S corporation?
Are you receiving loan repayments?
Is or has the S corporation generating losses?
Did you use loan basis to deduct S corporation losses in past years?
Do you have any regular basis in your S corporation investment?
Does the individual that prepares the S corporation return also maintain your S corporation basis?
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
