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Business & farm
You deposit cash for the loan amount when you receive it and credit other income if you believe the loan will be forgiven. When you complete your tax return, you complete schedule M-1 that will reconcile your book income to the income reported on your tax return. Those adjustments will flow down to schedule M-2, which will reconcile your equity as reported on your financial statement to that reported on the tax return.
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‎January 18, 2021
12:24 PM
30,933 Views