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Discuss the related federal income tax effects

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Problem - Assume the same facts as in Problem 40, except that Jeff's share of corporate taxable income is only $8,000 and there is no cash distribution. However, the corporation repays the $10,000 loan principal to Jeff. Discuss the related Federal income tax effects. Assume that there was no corporate note (i.e., only an account payable). Does this change your answer? Explain.

Reference no: EM132663542

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