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Connected Companies Loan

One Company Being Acquired (Lender), One Company Failing (Borrower)

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Good afternoon,

My businesses are concurrently going through a significant change with Company A being acquired and Company B failing. Company A's acquiror has no interest in Company B's business and wants the removal of A's loan to B. I'm happy to write off the loan and wondered if there was any tax liability (or benefit) that I should be aware of, even if at the time of B's failure. This is my attempt to understand before I speak with my advisors. Thank you in advance for offering your opinion.

WTFH

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