Chatter
Level 2
03-03-2020
03:59 PM
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Thanks for the quick response. So the distribution of fixed assets to the sole shareholder is pretty much a non-taxable event because the FMV is equal to or less than the remaining basis? And should the $5k of cash be recorded as distribution to sole shareholder with part of it being subject to tax by shareholder since most of the outstanding loan was already used to absorb prior year operating losses?