Bart

Sorry this is my first post. The first two paragraphs are quoted text from a previous post. The last paragraph with all the questions is my post.

Client will not benefit from NOL (whether passive or not) because of limited income, nor will he benefit from itemizing deductions. So, I am left with... going after the bank and its lawyers? Remember, client does not have money. Everybody agrees that the IRS is right and that my client has to pay more than $100,000 in federal and state taxes, interest and penalties. Did the client get a notice from the IRS charging tax, penalties and interest? Is the client creating an NOL in a different year because of claiming the theft loss? If the client reports the theft loss in a different year and creates an NOL, couldn't the client carry back the NOL to the year where the taxes are being assessed and get a refund of those taxes?

I have a shareholder that wants to borrow money from his C corp. What is the maximum repayment term? Can he make interest only payments?

Ok, I'll show my ignorance and ask, what is 'SALY'?

Happy belated mother's day yesterday, granny.

I wanted to post once to see how one goes about it. I also wanted to see if my picture showed up.