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Oliga [24]
3 years ago
11

During 2019, John was the chief executive officer and a shareholder of Maze, Inc. He owned 60% of the outstanding stock of Maze.

In 2016, John and Maze, as co-borrowers, obtained a $100,000 loan from United National Bank. This loan was secured by John’s personal residence. Although Maze was listed as a co-borrower, John repaid the loan in full in 2019. On Maze’s Form 1120 tax returns, no loans from shareholders were reported. Discuss whether John is entitled to a bad debt deduction for the amount of the payment on the loan.
Business
1 answer:
harina [27]3 years ago
8 0

Answer:

Throughout the clarification segment elsewhere here, the definition of the concern is outlined.

Explanation:

  • Yes, Mr. John becomes qualified to something like a bad debt benefit for the balance including its interest made on either the loan.
  • Although Maze is obligated to declare the same here in his tax filing throughout respect including its loan lent over him from the United National Bank mostly as professional and non-borrower.
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