Level 15

"Can I say they are loan to shareholder and leave them on the books even though the LLCs are dissolved?"

Uh, no. For one thing, you likely have a situation where you need imputed interest. Once you work this out, the Loans would be offset as distributions, typically, since you have no need to worry about equitable distribution. Put 50-50 to each spouse.

I use "loan to shareholder" to "park" values while I am trying to sort out what is what. Then resolve and close out anything that won't be repaid or isn't really a loan. A Real Loan has a note payable, has terms, has a true use for the funds, etc.

I mentioned how you are handling the farm land might be recast as Lease, for instance. In that case, the farmland owner has lease payments, and the S corp paid lease payments and did not give the shareholder a loan or a distribution.

You don't need to relate "S corp money out = LLC money in." You relate "S corp money out" to the Person, who then used it for whatever they used it for. Now the issue is, what do you need to categorize that S Corp money out as being paid out for?

"Level Up" is a gaming function, not a real life function.