S shareholder's note payable and note receivable as two separate items.: An article from: The Tax Adviser

by Joseph V., Jr. Pease

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Product Description
This digital document is an article from The Tax Adviser, published by American Institute of CPA's on December 1, 1994. The length of the article is 1199 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: The issue of whether a note payable and a note receivable from the same shareholder can coexist on the books of an S corporation has not been addressed by the IRS, but the two notes should be treated as separate items if created for legitimate business purposes. This situation is likely to occur when an S shareholder loans funds to the S corporation and already has taken a loan out from the corporation. The IRS may attack the transactions as tax avoidance, but tax planners can rebut such arguments by establishing a business purpose and a change of position by the shareholder.

Citation Details
Title: S shareholder's note payable and note receivable as two separate items.
Author: Joseph V., Jr. Pease
Publication: The Tax Adviser (Magazine/Journal)
Date: December 1, 1994
Publisher: American Institute of CPA's
Volume: 25 Issue: n12 Page: 749(2)

Distributed by Thomson Gale

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