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Get your taxes done using TurboTax
@Classicarc wrote:My current accountant is telling me the EIDL Loan, (not grant) does not increase basis. He referenced IRS code that says a personal guarantee on a loan doesn't automatically allow basis increase.
If this is an S-corporation, your current accountant is correct. The corporation receiving a loan from a third party does not increase Basis.
May 20, 2025
2:29 PM