Question
Rockefeller manages several C corporations. He owned the controlling interest in the organizations as well. He made a loan to one of the companies in
Rockefeller manages several C corporations.
He owned the controlling interest in the organizations as well.
He made a loan to one of the companies in 2008. This loan became worthless in 2020.
He was also paid a salary as CEO during the period 2005-2020.
He has been an employee and owned stock in each of the companies for the last 15 years.
What are the tax consequences of the worthless loan to John? Is the loss deductible and what is its character?
I need:
Tax consequences, relevant code, regulations, revenue rulings
Is loss deductible?
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Intermediate Accounting Volume 2
Authors: Thomas Beechy, Joan Conrod, Elizabeth Farrell, Ingrid McLeod-Dick
7th Edition
1259108023, 9781259108020
