How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask WiseOwl58 Your Own Question
WiseOwl58
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 3628
Experience:  Experienced business lawyer.
62735101
Type Your Business Law Question Here...
WiseOwl58 is online now
A new question is answered every 9 seconds

If I invested money from an LLC in 2011 into a S-corp for part

This answer was rated:

If I invested money from an LLC in 2011 into a S-corp for part ownership and the business fail, am I able to write off the debt or issue some type of 1099 or something to that entity for the loss?
If you made a loan to a.corporation that was.ultimately written off as bad debt, then the lender can take.a.tax.deduction for the portion of the loan that was uncollectible.

Good luck to you. I wish you all the best.
WiseOwl58 and 2 other Business Law Specialists are ready to help you
Customer: replied 4 years ago.

I did not say "loan" . It was an investment, I do not have documentation that this was a loan or can I deem it loan as the CEO.

THE TAX.DEDUCTION WOULD BE THE SAME.WHETHER YOU DEEM IT.A.LOAN OR A.LOSS.OF CAPITAL INVESTED.

 

WiseOwl58 and 2 other Business Law Specialists are ready to help you