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insolvent S corp debt

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    #1

    insolvent S corp debt

    50% shareholder loaned S Corp 80,000 and has 40,000 basis remaining in the loan. If the corporation liquidates, what are his tax implications? Corporate liabilities exceed FMV of assets by 100,000.
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    #2
    After everything is said and done, the amount of money your client never got back will result in a deductible capital loss on the 1040.

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