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Using loans to offset negative capital accounts for Partnership to S-Corp conversion
A three-member LLC that has been taxed as a partnership has negative equity apportioned across all three capital accounts. The members want to elect S-Corp taxation, which as you all know is a deemed liquidation whose proceeds are used to buy shares in a new S-Corp and distribute those shares to the members, so the S-Corp inherits all liabilities...
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401 (k)-loan from ?
How much can participant borrow and for how long from plan without a penalty? Thank you.
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