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Note: The draft you are looking for begins on the next page. Caution: draft NOT FOR FILING. This is an early release draft of an IRS tax form, instructions, or publication, which the IRS is providing for your information. Do not file draft forms and do not rely on draft forms, instructions, and publications for filing. We do not release draft forms until we believe we have incorporated all changes (except when explicitly stated on this coversheet). However, unexpected issues occasionally arise, or legislation is passed in this case, we will post a new draft of the form to alert users that changes were made to the previously posted draft .

Paycheck Protection Program (PPP) loans. An S corporation should report certain information related to a PPP loan. The forgiveness of a PPP loan creates tax-exempt income, which in turn affects a shareholder's basis in the S corporation. Rev. Proc. 2021-48 permits S corporations to treat tax-exempt income resulting from the forgiveness of a PPP

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  Loan, Forgiveness, Ppo plan

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