I have an S Corp that has a loss of over $130K in 2007 being passed to it by an LLC which it holds a 60% interest in.
It has made a marginal investment in the LLC and the loss far exceeds it's investment. I have never in 25 years had
this scenario and am challenged to even know for certain how to book it in the S. Corps G/L as well as the tax return?
If anyone can reflect and respond to this challenge, I would be highly appreciative. Please feel free to ask questions if
you need be to resolve any clarifications for your response. Write me at
[email protected] or please respond here!
Thank you for consideration of this situation and your counsel.
