single owner s corp
my s corp is owned 100% by me and is a holding co for various llcs, so its accounts are essentially the sum of k-1s from llcs which are reported on 1120S. Some of the llcs produce passive losses from rental real estate, one llc produces active losses (land held for investment).I have made loans to llcs and have made payments to suppliers on llcs' behalf (not passing them thru the llc). I have recently incurred legal expenses associated with my guaranty of a bank loan to the the active llc. Can my s corp deduct those expenses or must they be deducted on 1040? Since the llc's have negative capital accounts due to both active and passive losses from operating deficits, the s corp has a negative capital account. If I liquidate the llcs and the s corp due to foreclosure of assets owned by llcs ,what is tax implication to s corp?
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If only Ron Paul be the
If only Ron Paul be the governing rule of Federal Reserve, then certainly, he could make financial arrangements on funds allocated by IMF. The Bernanke testimony on the Federal Reserve and its role in the current state of economic affairs was hotly awaited, and anyone that knows anything about him knows that Ron Paul was waiting in the wings. The Fed and its chairman are the favorite targets of the Texan libertarian, and he pulled no punches in letting Bernanke know he wants him out of business, and running for payday loans if necessary. The Representative known as Dr. No grilled Bernanke about the fed's activities, disclosures, and interaction with the International Monetary Fund. Ron Paul is sponsor of a bill which would grant auditory power to Congress over the Federal Reserve.