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I want to make a $20,000 business loan to the company of a
I want to make a $20,000 business loan to the company of a friend in the UK within the next week or two. How do I go about doing this so thata) the loan looks legitimate per IRS (i.e. not a gift or whatever)b) I can write it off if I fail to get back the principalc) the actual money transfer does not look suspicious and money-laundering-like (this question may be outside the domain of accounting - not sure)
A company that my LLC had lent money to went
For Lane. A company that my LLC had lent money to went bankrupt. I know that I can't take the entire 7 digit amount and write it off at one time but can only write off small amounts of the unpaid debt each year. I recenty was told that If I went to court and obtained a judgemnt then I could write off the entire balance at one time. Is this true? any suggestions. Thanks
JD, MBA, CFP, CRPS
We have a office rental business in NY. Due to pending
We have a office rental business in NY. Due to pending litigation against us there is a temporary restraing order (TRO) in effect for over 5 years that prevents us from taking any income except to pay the mortgage on the property. Since our property rightsare being violated and we have no access to our income are we required to pay income tax on money we were prevented from using? Also a company we loaned money to went bankrupt and was given a dischrage so the money owed us can never be recovered, is this aloss we can claim as a deduction?
JD, MBA, CFP, CRPS
I'm currently trying to start an LLC in order to produce films,View more finance questions
I'm currently trying to start an LLC in order to produce films, but i'm currently unemployed. My personal credit isn't too good and I haven't officially began bringing in revenue, since I'm not even incorporated yet. My grandmother is stating that she's willing to sign over a portion of her undeveloped land to me in order to use as collateral. My main question is will that be enough in order to open up a line of credit for equipment in order to begin making revenue?
Sr Financial & Tax Consultant