In the past several years, Shakira had loaned money to Shakira Incorporated (an S corporation)...
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In the past several years, Shakira had loaned money to Shakira Incorporated an S corporation to help the corporation keep afloat in a downturn. Her stock basis in the S corporation is now $ and she has deducted $ in losses, reducing her debt basis from $ to $ Things appear to be turning around this year, and Shakira Incorporated repaid Shakira $ of the $ outstanding loan. What is Shakira's income, if any, on the partial loan repayment?
In the past several years, Shakira had loaned money to Shakira Incorporated an S corporation to help the corporation keep afloat in a downturn. Her stock basis in the S corporation is now $ and she has deducted $ in losses, reducing her debt basis from $ to $ Things appear to be turning around this year, and Shakira Incorporated repaid Shakira $ of the $ outstanding loan. What is Shakira's income, if any, on the partial loan repayment?
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