I am the business manager for a well-known celebrity. His billionaire partner loaned him 500k when he purchased 50% of their thriving retail chain. He recently demanded 100% of the celebrity's IP and the loan paid in full. What options does the celebrity have? Litigation and lawsuits?
If my mother purchased items for my small business and counted the money as a loan, can I deduct those expenses even if the loan has not been paid?