During the last year, a family corporation sold property to the State of Florida under eminent domain. The total sale was for $825,000.000. We have purchased two pieces of property already (total of about $300,000.00) and we have put a third bid in on a short sale, which we are waiting to find out about. We would like to use about $160,000.00 as a loan to ourselves and pay it back to the corporation with a reasonable interest rate (about 4-1/2% or 5%). I am listed as President of the corporation and my elderly mother is listed as Treasurer. The totality of the "corporation" is mine upon her death. She is currently 86-years old and her tax bracket is substantial already. We have been told numerous and varied opinions (from a couple of known CPAs). Some have said we would owe DOUBLE taxes on the money (a 35% tax for the corporation and a 35% tax personally to me on the money). One answer was the corporation would be taxed at 35% and my mother would be taxed also at 35%. We are not borrowing money from her, just the corporation. If in fact we do "borrow" this money, how long would we have to pay the taxes and penalty off? Is there any way around paying the double taxes or a better way to borrow the funds from the S-Corporation? Is there a way of deferring the tax until a later date, i.e. 10-years down the line?

Thank you in advance for your help.

Respectfully,
William Kent