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If you don’t show losses, and the loan was forgiven, it becomes taxable revenue. As a C corp, Trump got those taxes down to 21%, so it was only mostly free.
by akgoel 5y ago
If you don’t show losses, and the loan was forgiven, it becomes taxable revenue. As a C corp, Trump got those taxes down to 21%, so it was only mostly free.
- SiNiquity 5y agoUncle Sam done gone shopping again and left his cart at the store.
- ejstronge 5y agoIt does not become taxable revenue - this was changed in one of the later stimulus rounds. Here is a random source to this effect: https://rsmus.com/what-we-do/services/tax/state-and-local-tax/income-and-franchise/ppp-forgiveness-and-expenses-state-tax-implications.html https://rsmus.com/what-we-do/services/tax/state-and-local-ta...
- mvkel 5y agoNot true. On Dec 27, 2020, they made it all deductible