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Posted by Bob on April 12, 2006, 6:58 am
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Seth Breidbart wrote:
> I think so: collecting on delinquent paper is generally a
> business.
If my income is business income, not interest, are my
gains and losses ordinary, not capital? If I'm doing
this in corporate form, which has no schedule C to
"convert" my interest income to business income, do I
report it on Form 1120/1120S as business income, not
interest? I sure wouldn't want the IRS claiming it should
have been reported as interest.
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