LO.6 Assume the same facts as in Problem 26, except that Jeffs share of corporate taxable income
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LO.6 Assume the same facts as in Problem 26, except that Jeff’s share of corporate taxable income is only $8,000, and there is no distribution. However, the corporation repays the $10,000 loan principal to Jeff. Discuss the tax effects. Assume there was no corporate note (i.e., only an account payable). Does this change your answer?
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Related Book For 
South Western Federal Taxation 2011 Taxation Of Business Entities
ISBN: 9780538498616
14th Edition
Authors: James E. Smith, William A. Raabe, David M. Maloney
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