abctax55
Level 15
03-10-2021
06:56 PM
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Liability on the B/S until forgiven.
No basis increase until loan forgiven... which may create basis issues if there's a loss or a lot of distributions.
Expenses (Federal) deductible as *normal*. State maybe, maybe not, maybe not YET (CA).
"*******Tax software is no substitute for a professional tax preparer*******
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