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Talk:Topical Index

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Client One is an LLC (partnership) with only a piece of rental property in it. Client Two is an LLC operating as a Sub S and was operating a business in Client One's property. Clients One and Two have the same four members with equal ownership. Due to the economy Client Two has closed the business and is dissolving the Sub S LLC. Sub S LLC owed money to the property LLC. The bank loan was made to Client One (property) for the building and equipment. Client One loaned money to Client Two (business enterprise) to purchase the equipment in the Sub S LLC. The property is currently for rent but after months remains unoccupied. When I remove the loan from the books of both businesses do I have a taxable event?

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