Research Problem 3. The 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created the Paycheck

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Research Problem 3. The 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created the Paycheck Protection Program (PPP) allowing S corporations and others to receive loans that may be forgiven. Is the forgiveness of PPP indebtedness taxable? Are expenses paid from PPP borrowed funds deductible? For S corporations and their shareholders, how are PPP loan forgiveness and related expenditures treated? Prepare a brief outline summarizing your answers to these questions. Partial list of research aids: Rev. Rul. 2021-2. Consolidated Appropriations Act of 2021 (P.L. 116-260), 276(a)

Posted Date: May 19, 2024 02:02 AM

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Research Problem 3. The 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created the Paycheck

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