Business, 17.12.2019 22:31 redsakura

In the past several years, shakira had loaned money to shakira inc. (an s corporation) to the corporation keep afloat in a downturn. her stock basis in the s corporation is now $0, and she has deducted $49,500 in losses, reducing her debt basis from $110,000 to $60,500. things appear to be turning around this year, and shakira inc. repaid shakira $22,000 of the $110,000 outstanding loan. what is shakira’s income, if any, on the partial loan repayment?

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In the past several years, shakira had loaned money to shakira inc. (an s corporation) to the corpo...