ILLMAS Posted February 3, 2023 Report Posted February 3, 2023 Can someone guide me to the right publication or point me to a good source? Zero activity corporation had a loan forgiven and in 202X it will be the only reportable non business related income on the tax return. I am trying to determine if the available NOL can be used against the COD. Thanks Quote
Lee B Posted February 4, 2023 Report Posted February 4, 2023 https://www.law.cornell.edu/uscode/text/26/172 1 Quote
Max W Posted February 5, 2023 Report Posted February 5, 2023 If it is a recourse loan, then it is taxable; if non-recourse. not taxable. Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.