Benny Loaned $100,000 to His Controlled Corporation

question 65

True/False

Benny loaned $100,000 to his controlled corporation. When it became apparent the corporation would not be able to repay the loan in the near future, Benny canceled the debt. The corporation should treat the cancellation as a nontaxable contribution to capital.

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The process of building and maintaining professional relationships to advance one's career.

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