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FORGAVE PPP REPORTING


KATE GOLI

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11 hours ago, cbslee said:

I would not answer this question, yes.  i believe the context of this question  is about forgiveness of loans which trigger Other Income that is taxable.

As we have discussed in other threads, I would handle this as an M-1 adjustment.

I was wondering if it would trigger something.  This whole ppp thing is another world.

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11 hours ago, Randall said:

I was wondering if it would trigger something.  This whole ppp thing is another world.

And we haven't even started a conversation about claiming losses and basis limitations for S-Corporation shareholders.  Some VERY interesting & unusual stuff can take place in that space.  

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