Taxpayer received a final K-1 for S-Corp. Taxpayer had loaned S-Corp $105,000 several years ago and has been applyling losses from S-Corp to debt basis as there was no stock basis left. His ending debt basis when company closed was $30,000. How is the remaining $30,000 of debt basis handled on taxpayers tax return. Would it be considered a capital loss? K-1 does not refer to the loan on final K-1.
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Final k-1 for s corp
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