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Discussion:Gain on loan repayments (Rul 68-537)

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Discussion Forum Index --> Advanced Tax Questions --> Gain on loan repayments (Rul 68-537)


Discussion Forum Index --> Tax Questions --> Gain on loan repayments (Rul 68-537)

MIKEB (talk|edits) said:

23 April 2008
Anyone remember the rule on netting current year loans to the corp with current year loan repayments. I know there is no netting allowed in certain cases, just can't find anything in my research.

Mtmckeecpa (talk|edits) said:

24 April 2008
Mike,

I was looking at this recently too, try Fleming G. Brooks v Commissioner TC Memo 2005-204 for the taxpayer, see Paul Cornelius v Commissioner 58 TC 417 for the IRS.

MIKEB (talk|edits) said:

25 April 2008
Thanks, that is what I was looking for.

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