ILLMAS Posted February 3, 2023 Report Share Posted February 3, 2023 Can someone guide me to the right publication or point me to a good source? Zero activity corporation had a loan forgiven and in 202X it will be the only reportable non business related income on the tax return. I am trying to determine if the available NOL can be used against the COD. Thanks Quote Link to comment Share on other sites More sharing options...
Lee B Posted February 4, 2023 Report Share Posted February 4, 2023 https://www.law.cornell.edu/uscode/text/26/172 1 Quote Link to comment Share on other sites More sharing options...
Max W Posted February 5, 2023 Report Share Posted February 5, 2023 If it is a recourse loan, then it is taxable; if non-recourse. not taxable. Quote Link to comment Share on other sites More sharing options...
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