This is an S Corp with 1 shareholder and here are some numbers:
Basis:
2020 Beginning of the tax year = 24,971
2020 ordinary income = 2,485
Combined = 27,456
Cash in Bank = $28,531
Loan from shareholder = 9,458
Sales in $2021 = Just $600 with a $200 profit.
I would like to know what will be the best options specially with the Loan; (repay now a part, all of that or nothing) and also how better I do 2020 distributions for a safe 2021 final return in regarding capital gains, etc.
I appreciate as always your comments.
