I own a Professional Corporation...S-type. I gave the PC a loan early this year to pay off some debts. I am retiring and selling the PC. The sales contract says that the new owners will not be responsible for paying off any currently existing loans. Since the PC will not be repaying the loan will I be able to take any tax credits for the "bad debt" (if it is truely a bad debt)?
>
>
>
>
>
>
>
>
>