YoungCPA
Level 3
08-28-2020
01:29 PM
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I just found out additional information:
1. Properties were purchased in shareholder's name then transferred into the LLC/S-corp's name.
2. Property loans are in shareholder's name, but the LLC/S-corp pays the monthly loan payments.
Re: #1 above: Do I show the properties as additional capital contributions?
Re: #2 above: I'm not quite sure how to show the loan and the payments? Is it a loan to the LLC/S-corp from the Shareholder?
Thank you for your help...