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yedexcol
Mar 10, 2007, 03:59 PM
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
Mar 11, 2007, 10:05 PM
The credit is a loan; record it as such.