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Pp loan forgiven is being added back back to NJ S k-1 as income. is this correct?

cpapeter
Level 1
The loan is fully forgiven and entered on the federal tax return. It appears as additional shareholder income in the NJ k-1 sub chapter S tax return
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3 Replies 3
sjrcpa
Level 15

And?


ex-AllStar
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goshen9882
Level 3

You ask if this is correct.  The answer is "no" based on the following:

https://www.state.nj.us/treasury/news/2021/02092021.shtml

 

sjrcpa
Level 15

Good mind reading.

EDIT: I see OP added the question. It wasn't there when I first looked at this.


ex-AllStar
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