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SCORP2
March 1, 2024
Question

LLC Scorp

  • March 1, 2024
  • 1 reply
  • 0 views

If a LLC S-corp lends money to 3rd party that is not a shareholder. Where do I enter that in the interview?

    1 reply

    M
    Mike9241
    March 2, 2024

    if it is to be repaid within a year, list as loan receivable under other current assets, otherwise list as loan receiveable under other assets.  There are tax laws that deal with loans especially if they are non-interest bearing or carry a below-market interest rate. Also affecting this is the relationship of the S-corp and its shareholders to the borrower.  

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