Research Problem 1. During 2016, John was the chief executive officer and a share- holder...
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Accounting
Research Problem 1. During 2016, John was the chief executive officer and a share- holder of Maze, Inc. He owned 60% of the outstanding stock of Maze. In 2013, John and Maze, as co-borrowers, obtained a $100,000 loan from United National Bank. This loan was secured by Johns personal residence. Although Maze was listed as a co-borrower, John repaid the loan in full in 2016. On Mazes Form 1120 tax returns, no loans from shareholders were reported.
Explain question in own words then discuss whether John is entitled to a bad debt deduction for the amount of the payment on the loan. Please also with response have an RIA source to back up answer
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