Search Help

Enter one of more keywords to search. Use quotes for “exact phrase.” Note that '*' and '?' wildcards are supported.

When your search results appear, you can refine your search further: Sort for only results in which all search terms appear AND/OR sort by chronological order.

Article Date:
April 2008

Word Count:



Loans to Corporation Denied as Bad Debts

Douglas Bynum created a corporation and then operated eight businesses from that corporation:



a consulting engineering business,


two secretarial services businesses,


two beauty shops,


two tax preparation businesses, and


a steel fabrication business.


Mr. Bynum paid expenses on behalf of these operations and made loans to this corporation. The corporation went bankrupt without repaying the money it owed Mr. Bynum. He deducted this lost money as a bad debt on the 2000 joint tax return he filed with his wife, Shirley.


Unfortunately, he made ... Log in to view full article.

Already a subscriber?
Email Address

You’ll be able to read the full article and get instant access to the last few issues of the Tax Reduction Letter
Not yet a subscriber?
with a money-back guarantee

Powered by Cranium Softworks - CMS, Subscription Mgmt & Web Development