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#1
04-05-2004, 09:09 PM
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 Re: Should loaned money to C corporation , be included in personal income tax? "jesica" <jess2003_Johnson[at]yahoo.com> wrote: - quote - > I started a C Corporation in Feb. 2003. I loaned some money
IRC section 7872 covers this. Check with whomever is doing> to the Corporation (interest-free; shows up under the > heading of Accounts Payable - Shareholder Loan). The > Corporation made a loss for the year. I have not taken any > money out (not even for the loan). Does this have any tax > implications for me. In other words, do I need to report the > money that I loaned or the initial shares that I got (in > return for the seed money that I invested in the company). the Form 1120 for the corporate taxes. Depending on the type of loan the interest rate would be very low. Applicable Federal Rates (AFR) are revised quarterly (I think). This is not really a do-it-yourself project. Gary -- Figure X out which X letters to remove to X e-mail me. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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04-02-2004, 11:18 PM
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| Re: Should loaned money to C corporation , "jesica" <jess2003_Johnson[at]yahoo.com> wrote: - quote - > I started a C Corporation in Feb. 2003. I loaned some money
The corporation would have to calculate and report the> to the Corporation (interest-free; shows up under the > heading of Accounts Payable - Shareholder Loan). The > Corporation made a loss for the year. I have not taken any > money out (not even for the loan). Does this have any tax > implications for me. In other words, do I need to report the > money that I loaned or the initial shares that I got (in > return for the seed money that I invested in the company). imputed interest to you. -- <<< Benjamin Yazersky CPA [NJ & NY] > > << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-01-2004, 12:31 PM
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| Should loaned money to C corporation , be included in personal income tax? I started a C Corporation in Feb. 2003. I loaned some money to the Corporation (interest-free; shows up under the heading of Accounts Payable - Shareholder Loan). The Corporation made a loss for the year. I have not taken any money out (not even for the loan). Does this have any tax implications for me. In other words, do I need to report the money that I loaned or the initial shares that I got (in return for the seed money that I invested in the company). << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| corporation, included, income, loaned, money, personal, tax |
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