PRINCIPLES OF TAXATION F/BUS...(LL)
PRINCIPLES OF TAXATION F/BUS...(LL)
23rd Edition
ISBN: 9781260433197
Author: Jones
Publisher: MCG
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Chapter 12, Problem 12QPD

Ms. Knox recently loaned $20,000 to her closely held corporation, which needed the money for working capital. She sees no reason to document the loan other than as a “loan payable—shareholder” on the corporate balance sheet. She also sees no reason for her corporation to pay interest on the loan. What advice can you offer Ms. Knox concerning this related-party transaction?

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PRINCIPLES OF TAXATION F/BUS...(LL)

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