Thank you, @Mike9241 ! Wow, that's incredible. In my experience, more often than not, you get 'dinged' twice, not get the benefit twice... 😕
In reading the linked to PDF (and going a bit cross-eyed), I see the following statement under '.02 Forgiveness of PPP Loans', item (1) (highlight mine):
"Specifically, § 7A(i) of the Small Business Act and §§ 276(b) and 278(a) of the COVID Tax Relief Act provide that, for purposes of the Code, no amount is included in the gross income of an eligible recipient or an eligible entity, as appropriate, by reason of the forgiveness of a PPP Loan, and no deduction is denied, no tax attribute is reduced, and no basis increase is denied, by reason of such exclusion from gross income. "
Is that the item (or one of the items) from which it's safe to draw the conclusion that, in fact, the stock basis can be increased by the PPP loan, thus allowing for the loss to be allowable to a higher extent?
Thank you so much again!
