marcsantoli

I recently started a new s-corp (i posted on here about it before). I have a ton of equipment that I previously purchased using my own money to give to the corporation (i am the only shareholder) I have read that this will increase my basis in the corporation as the equipment has a value. My question is, is it possible to have a loss on this year's tax return from my business because now the business owes me the money for that equipment?

if so, once the business picks up next year can the corporation pay me back the "loan" for the equipment without any tax consequences for myself.

if anyone needs more clarification please let me know.

THanks,
--marc