- Specifically, § 7A(i) of the Small Business Act provides, in relevant part, that “no amount shall be included in the gross income of the eligible recipient by reason of forgiveness of indebtedness
this is exactly what I said the income is not taxable
-
-
-
-
-
- [on an original PPP covered loan],” and “no deduction shall be denied, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of [that] exclusion from gross income.”
again this is what I said you get the deduction for the expenses because basis goes up.
end of story or if you still have questions contact a tax pro.
