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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2313
Experience:  IRS licensed Enrolled Agent and tax instructor
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If I as an individual create a corporation with its own equity

Customer Question

If I as an individual create a corporation with its own equity and tax account and bylaws etc makes a loan to me would I have to report it as income for tax purposes.
Thanks
Joe
Submitted: 7 months ago.
Category: Tax
Expert:  emc011075 replied 7 months ago.
Hi Joe. My name is ***** ***** I will be happy to help you. From tax point of view loans are not considered an income. You do not claim it as income and the corporation cannot deduct it as expense.
Expert:  emc011075 replied 7 months ago.
I see you read my respond. Do you have any questions? Is there anything else I can help you with today?
Expert:  emc011075 replied 7 months ago.
Joe, I still don't see you responding. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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