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    yedexcol's Avatar
    yedexcol Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 10, 2007, 03:59 PM
    Equity account and 1120 s
    If I get a personal credit for $ 20,000 in order to buy a grocery store how I register in my S-Corporation those funds and how show the repayments make to the bank. How the equity account should reflect that transaction. I have to deposit the money in the corporate bank first? How will be the 1120S afected? Thanks
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 11, 2007, 10:05 PM
    The credit is a loan; record it as such.
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