cpapeter
Level 1
2 weeks ago
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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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sjrcpa
Level 15
2 weeks ago
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And?
ex-AllStar
goshen9882
Level 2
2 weeks ago
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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
2 weeks ago
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Good mind reading.
EDIT: I see OP added the question. It wasn't there when I first looked at this.
ex-AllStar