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This page contains a single entry by lsaret published on October 29, 2008 11:07 PM.

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IRS Issues Final Regs Re Treatment of Open Account Debt Between S Corp Shareholders and S Corp

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lsaret
on October 29, 2008 TrackBacks (0) Comments (0)

In TD 9428, the IRS issued final regs relating to the treatment of open account debt between S corps and their shareholders. The final regs provide rules regarding the definition of open account debt and the adjustments in basis of any indebtedness of an S corp to a shareholder under IRC section 1367(b)(2) for shareholder advances and repayments on advances of open account debt.

Posted by Lewis J. Saret, General Editor, Wealth Strategies Journal.

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