IT-119R4 "Debts of Shareholders and Certain Persons Connected With Shareholders" 7 August 1998

27 Repayments are considered to apply first to the oldest loan or debt outstanding ("first-in, first -out basis") unless the facts clearly...

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11. Whether or not a loan made by a corporation to an individual is considered to have been received by that individual in his or her capacity as...

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12. In considering whether any arrangements for repayment were bona fide, the extent to which the arrangements have been carried out by the...

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No penalty if tax remitted by Feb 15/based only on net annual increase in balance

38 ....If there is no series of loans or other transactions and...

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