Whereas borrowing by a partnership generally increases a partner's basis, borrowing by an S corporation does not affect a shareholder's basis. There are TWO EXCEPTIONS: -If a shareholder loans money to the S corporation, the shareholder will have a loan basis (aka debt basis) -If a shareholder guarantees a loan to the S corporation AND is called upon to make a payment as a result of that guarantee Here's how loan basis (aka debt basis) works: -Any losses passed to the shareholder first reduce the shareholder's stock basis and only then reduce the shareholder's loan basis -If a shareholder's loan basis is decreased, it is later increased (up to the original amount) by any subsequent net increase from basis adjustments (the loan basis is increased before the stock basis is increased) -Distributions in excess of a shareholder's stock basis do NOT decrease the shareholder's loan basis 0:00 Introduction 0:25 The …
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Join 10,000+ professionals who enrolled in the Controller Academy 🚀 https://controller-academy.com/courses/controller-academy Get your copy of the 30-day roadmap: https://thefincontroller.com/p/30dayroadmap I am a CPA in the United States and I summarize in the video what new Controllers and CFOs need to focus on during their first 30 days in the role. Videos mentioned during this tutorial: Balance Sheet Reconciliation: https://youtu.be/rXavkEg4Ht0 How to create month-close checklist https://youtu.be/m_SfIf8PKpg Time Stamps: 00:00 Intro 00:36 Agenda 01:15 1. Financial Statement Review 02:46 2. Budget 04:50 3. Internal Controls 08:45 4. Systems 12:41 5. Month-end 14:31 6. People 17:15 7. Compliance 20:15 8. Create 90 day roadmap ----------------------------------- Hang Out with me on social media: 📸 https://www.instagram.com/the_financial_controller/ 📱https://www.tiktok.com/@thefinancialcontroller https://www.linkedin.com/in/bill-hanna-cpa-7653a851/ DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! All views expressed on my channel are mine alone. Not intended as financial or professional advice
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