11-22-2003, 12:57 AM
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 Re: S Corporation Basis "david banford" <dban1957[at]aol.com> wrote: - quote - > You have a S-Corporation with a husband and wife that are
It might be. Remember, "deemed" is a word that can be used> both 50% shareholders. If they loan money to the corporation > from their joint personal bank account, is the loan deemed > to be contributed 50% each? > Would it be better to have each write a check from their > joint account to the corporation or does it not really > matter? to make a determination when NO other supporting documentation exists. In this particular situation, it would be very easy to make an entry in the corporate minutes to document the details of this loan. Gene E. Utterback, EA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
11-11-2003, 04:05 AM
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| S Corporation Basis You have a S-Corporation with a husband and wife that are both 50% shareholders. If they loan money to the corporation from their joint personal bank account, is the loan deemed to be contributed 50% each? Would it be better to have each write a check from their joint account to the corporation or does it not really matter? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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