Partial Loan Repayment Calculation
In the past several years, Shakira had loaned money to Shakira Incorporated (an S corporation) to help the corporation keep afloat in a downturn. Her stock basis in the S corporation is now $0, and she has deducted $40,000 in losses, reducing her debt basis from $100,000 to $60,000. Things appear to be turning around this year, and Shakira Incorporated repaid Shakira $20,000 of the $100,000 outstanding loan. What is Shakira's income, if any, on the partial loan repayment?
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