S-Corp question

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  • DTS
    Senior Member
    • Jun 2005
    • 1852
    #1

    S-Corp question

    Clients paid personal auto expenses through their S-corp. I have listed the expenses on the return, but I have taken this amount back out as a distribution. Did I handle this the correct way?

    My mind is reeling right now and I just can't think this simple matter through properly.

    Thank you for your help!

    Dennis
    Tags: None
    • veritas
      Senior Member
      • Dec 2005
      • 3290
      #2
      That's probably

      the way I would handle it. The other alternatives are treat it as a loan-which you know will never be paid back or wages.

        Comment

        • DTS
          Senior Member
          • Jun 2005
          • 1852
          #3
          Veritas

          Thank you. Glad I treated it OK.

          It is not a loan, but a language/tax misunderstanding about how to handle the autos.

          Dennis

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