Joined: 15 Feb 2009
Online Status: Offline Posts: 2
Posted: 15 Feb 2009 at 13:20 | IP Logged
What is the proper treatment on a 1040 when a shareholder exchanges all outstanding stock in a corporate dissolution/liquidation and ends up with $100K of personal liabilities.
The shareholder was the guarantor of loans when the corporation closed. The lenders are expecting the shareholder to pay back the loan now.
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Topic: Shareholder assumption of Liabilities
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