jshtax Posted February 18, 2014 Report Posted February 18, 2014 Long term client loaned close to 6 figures to brothers business now wants to write entire amount off since brother is unable to repay. Told him no can do as it is a capital loss in nature. I told him he owed 7000 and he went to the block online and got it to come out about 15000 better and that was before enter wife's w2 of 45000 with 5000 withholding and other w2 for 15000 and no withholdings. Keep in mind he made 180000 so the additional income is being taxed at 28%. Quote
Richcpaman Posted February 18, 2014 Report Posted February 18, 2014 Sec 1244 stock purchase? Rich Quote
jshtax Posted February 18, 2014 Author Report Posted February 18, 2014 Sec 1244 stock purchase? Rich That would be nice but it was a loan to the business after it had been in operation for a few years. Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.