interest debt forgiveness tax consequences

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Subject Author Date interest debt forgiveness tax consequences pjbrunk 11-08-2006
Posted by pjbrunk on November 8, 2006, 2:44 am Please log in for more thread options Are there consequences for a S-Corp if it borrowed a large sum of money from Mezzanine financing and then could not repay the interest income for several years (the Mezzanine financiers had to forgive the debt just to be able to exit the company at some point, since the interest debt exceeded the value of the company)? << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Similar Threads Posted Penalty for mistake with bank acct number - forgiveness possible? May 29, 2007, 10:45 pm Can I purchase an equity interest in family real estate w/o tax consequences February 27, 2008, 4:37 pm Fees paid to a company to settle credit card debt & cancellation of debt income March 17, 2010, 9:26 am Tax Consequences of Foreclosure April 2, 2008, 1:12 am IRA to Roth IRA tax consequences October 20, 2008, 9:53 pm Tax consequences of family loan? September 20, 2007, 10:46 pm Stock merger tax consequences November 28, 2007, 12:37 pm Citizenship via Grandparents - Tax Consequences March 19, 2008, 1:18 pm Re: Citizenship via Grandparents - Tax Consequences March 19, 2008, 4:56 pm Gift Tax Consequences for 529 Accounts November 20, 2008, 2:56 pm