If an S Corporation Shareholder's Basis in a Loan to the Entity

question 61

Short Answer

If an S corporation shareholder's basis in a loan to the entity has been _________________, the shareholder recognizes gross income when the S corporation repays the shareholder.

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Definitions:

Epilepsy

A neurological disorder marked by sudden recurrent episodes of sensory disturbance, loss of consciousness, or convulsions, associated with abnormal electrical activity in the brain.

Split-Brain Researchers

Scientists who study patients with severed corpus callosum to understand the separate functions of the brain's hemispheres.

Hemispheres

The two halves of the brain, each of which has distinct functions. The right hemisphere is responsible for creativity and spatial abilities, while the left handles logic and language.

Everyday Activities

Routine tasks and behaviors that individuals engage in on a daily basis, such as eating, sleeping, and working.