Item 2A of the Schedule E asks if the ESOP has outanding securities acquisition loan under Code Section 133.
Is this for old loans were the lender could deduct 50% of the interest paid?
Our ESOP does have a note out to the prior owner who did 1042 exhange but I want to confirm we still answer this question no on Schedul E.
the loan is new and I understand the 133 exemption no longer applies but is grandfathered for old loans.
Thanks!!