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Correcting Shareholder Loan to Corp that was never put on books or balance sheet
I have a corporation that during 2000 through 2002 suffered losses (1120 showed NOLs.) During those years the main shareholder loaned the corporation money - over the three year period about $500,000. Although a promissary not is not a problem, there is no book or tax return documentation that shows the loan. The corporation is stable now and the...
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