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Frank, Cora and Mitch are equal shareholders in Purple Corporation. The corporation's assets have a tax basis of 50,000 and a fair market value of 600,000. In the current year, Frank and Cora each loan Purple Corporation 150,000. The notes to Frank and Cora bear interest of 8% per annum. Mitch leases equipment to Purple Corporation for an annual rental of 12,000. Discuss whether the shareholder loans from Frank and Cora might be reclassified as equity. Consider in your discussion whether Purple Corporation has an acceptable debt equity ratio.
On December 31, 2007, Bert's Farm Store had the following account balances in its accounting system. All year-end adjustments had been entered, but the books had not yet been closed.
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