Forgiving debt between 2 LLCs

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10-28-2014, 12:53 PM

BJY1

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Join Date: Jan 2014

Posts: 3

Forgiving debt between 2 LLCs

2 different real estate LLCs are owned by the same 2 members (50% each in both LLCs). LLC A has borrowed short term funds from LLC B for operations. Now want to cancel or forgive the loan between the 2 companies. What are the journal entries, income and tax implications?
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