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Old 02-15-2009, 03:33 PM
maslarcpa maslarcpa is offline
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Join Date: Feb 2009
Location: VA
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Interest due Shareholder if C Corp is cash basis

If a corporation has a signed interest bearing promissory note for a loan from Shareholder, but has not made any money, therefore has not made any principal or interest payments during the year, does the corporation have to deduct the interest (they are cash basis) and issue a 1099INT to the shareholder?
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