Re: You wanted proof? Here's some
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Nice try but no cigar. ? To recap, you are saying Catherine loaned the money to the corp?? Yet the corp only shows assets on their Balance Sheet.? How do you explain that? ? Maybe you should either clean your glasses or get up to speed with accounting theory (as the need may be) because the return clearly shows in Schedule L, Part II, column d, the corp loaned the money to Catherine.? Maybe that is why the corp only shows assets - ?do you think?? Hint:? It¡¯s called a loan receivable and the person who wrote the article, unlike you, knows what the Hell they are talking about. ? While there is 1 or maybe 2 people in this group with an at least average IQ, the rest of the group appears to be sorely lacking.? Clearly, it¡¯s time for me to stop wasting my precious time with such a non-productive endeavor. ? Whomever has the capability, kindly remove me from this group. ? Thank you.? ? Best, ~CL ? ?
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From: [email protected] < [email protected]> On Behalf Of David Nelson via groups.io Sent: Saturday, June 11, 2022 9:52 AM To: [email protected]Subject: Re: [valleyredspace] You wanted proof? Here's some ? >> Yes, in fact, there is a loan for $113k+ to Catherine so that is?absolutely true?and absolutely AGAINST 501c3 regulation.??
"Absolutely true", you sure of that???
While the Texas Corporation code that was cited in the article does say that loans to a director are prohibited: Sec. 22.225. LOAN TO DIRECTOR PROHIBITED. (a) A corporation may not make a loan to a director.
I see no reference to a loan from a director as being prohibited.? And the 2019 Tax Return clearly shows that the $113K+ loan you mention is from an "officer, director" not to an "officer, director".
The author of that article made either a huge mistake or is intentionally misleading their readers.? If the latter is true, I wonder how many other misleading statements are in that propaganda...I mean article.
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