technogenetic
Junior Member
Hello! Ohio here.
We have a long term loan FROM (not to) shareholders in our corporate books. The loan dates from a number of years ago. We recently bought the corporation from the previous owners, carrying the loan over to the new ownership. So now the loan isn't technically from shareholders, but when it was set up that was the case.
My question is this: on the IRS form 1120, schedule L, do I list the loan on line 19 or on line 20? (Line 19 being Loans From Shareholders, line 20 being Mortgages, notes, bonds payable in one year or more.) Do note that we are required to complete schedule L due to our annual receipts and assets.
Thanks!
We have a long term loan FROM (not to) shareholders in our corporate books. The loan dates from a number of years ago. We recently bought the corporation from the previous owners, carrying the loan over to the new ownership. So now the loan isn't technically from shareholders, but when it was set up that was the case.
My question is this: on the IRS form 1120, schedule L, do I list the loan on line 19 or on line 20? (Line 19 being Loans From Shareholders, line 20 being Mortgages, notes, bonds payable in one year or more.) Do note that we are required to complete schedule L due to our annual receipts and assets.
Thanks!