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Gary Davis CPA
May 4, 2005 - 9:47AM
Re: Re: Re: Loss deduction on Form 1040

Sorry for the delay in responding, but tax season ate up my time to respond. Your situation is more complicated than can be addressed via email. The most likely scenerio is that you have a loan from the bank and you have then personally made a corresponding loan to the Scorp. It is also possible that when you incorporated your intention was to contribute the building and related loan to the company in exchange for the Scorp's stock.

Either way, you need to contact a experienced CPA to untangle these transactions. For the future, you should plan these kinds of transactions with your CPA in advance to avoid complications and unintended results.

Good luck!

Zip Code: garyd@davisandbrandel.com

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