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- 6198 - not giving me at risk credit for tax exempt income - PPP forgiveness
6198 - not giving me at risk credit for tax exempt income - PPP forgiveness
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rjbernhard
Level 1
02-24-2021
01:12 AM
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I am completing for 6198.
New company in jan. of 2020.
loss is 92k
19k COntributed, 32k in recourse debt, so 51k in basis there, plus there is 24k of tax exempt income that should be increasing the amount at risk, allowing for a 76k deductible loss, and suspending the other 16k.
The 6198 is not bringing in the 24k of tax exempt income to the at risk amount... showing only 52k deductible loss, and 15k disallowed.
Any guidance here?
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