Calculate both owners “at risk” basis at year end for both years, showing all your work (1) first assuming the entity is a partnership and (2) second assuming it is a S Corporation.
Description Project 2: Don and Joe went into business together as equal co-owners. Joe had a lot of money but no business sense and Don had the “know how”. Don and Joe each invested $10,000 and Joe loaned the business $90,000. Chase loaned the business another $100,000 after Joe and Don agreed to guarantee the […]