- 20 - On their Federal income tax returns, the Schroeders claimed the following losses as their share of losses from SPC-FL: Amount of Loss Claimed Year Joseph T. Schroeder Sheryl S. Schroeder Total 1991 $16,628 $13,302 $29,930 1992 28,026 22,420 50,446 SPC-FL's corporate returns, Forms 1120S, did not reflect any amount on Schedule L as "loans from shareholders" for taxable years 1990, 1991, or 1992. The debt incurred by SPC-FL in purchasing the assets from the SPC-FL shareholders (i.e., the SPC-FL note) was reflected on Schedule L as "mortgages, notes, and bonds payable in 1 year or more."18 SPC-FL's Schedules L, for taxable years 1990, 1991, and 1992, reflected that its capital stock was $1,000 and that its paid-in capital was $9,000. 18 The amounts reflected on SPC-FL's Schedules L as "mortgages, notes, and bonds payable in 1 year or more" are as follows: Year Beginning of Tax Year End of Tax Year 1990 Initial Return $1,047,927 1991 $1,047,927 1,053,592 1992 1,053,592 1,116,771Page: Previous 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Next
Last modified: May 25, 2011