jeff5
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Looks like the S-corp will need to issue a 1099-C to the LLC for the cancelled/defaulted debt (not 1099-B).
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Also as a side note, just so you know I'm trying to do this correctly and legally; I did catch that I'll need to file/include extra items with form 8949 when I ...
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I do still have some questions though regarding this plan. 1) Even with a short-term capital loss does the loss show up on the P&L statement? (I only partially ...
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Thanks for your answer. I did some more research and I think I can still proceed in the 'general' manner I planned and categorize the loan to the S-corp as a "N...
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To clarify, the S-corp is owned by my wife and myself with 51/49% of the shares. The LLC is also owned in a similar fashion with 51/49%.
Activity Feed for jeff5
- Posted I am closing up my LLC and I need to make sure the balance sheet looks right and whether I will have a long term capital gain or loss. on Business & farm. May 31, 2019 6:35 PM
- Posted Looks like the S-corp will need to issue a 1099-C to the... on Business & farm. May 31, 2019 6:32 PM
- Posted Also as a side note, just so you know I'm trying to do th... on Business & farm. May 31, 2019 6:32 PM
- Posted I do still have some questions though regarding this plan... on Business & farm. May 31, 2019 6:32 PM
- Posted Thanks for your answer. I did some more research and I th... on Business & farm. May 31, 2019 6:32 PM
- Posted To clarify, the S-corp is owned by my wife and myself wit... on Business & farm. May 31, 2019 6:32 PM
- Posted I own both the S-Corp and the LLC. The LLC was failing an... on Business & farm. May 31, 2019 6:32 PM
- Posted I have a profitable S-Corp that loaned $56k to a recently failed LLC. I need to make sure I make the correct journal entries. Can someone help? on Business & farm. May 31, 2019 6:32 PM