Question: About ten years ago, my husband and I lent our son-in-law $250,000 to start a new business. Unfortunately, the business has been losing money, and he will be shutting down the operation. We ...
If you’ve been around closely held businesses long enough, you know that a transfer of money between a business and its owner, or between two related businesses, is sometimes characterized by the ...
The Tax Court found that advances made by Anaheim Arena Management LLC (AAM) did not constitute bona fide debt and therefore upheld the IRS’s disallowance of AAM’s bad-debt deduction for the advances.
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