Sec. 20235. Clarification of treatment of expenses paid or incurred with proceeds from certain grants and loans
121 words·~1 min read·
/bill/116/hr/6800/pcs/section-20235A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For purposes of the Internal Revenue Code of 1986 and notwithstanding any other provision of law, any deduction and the basis of any property shall be determined without regard to whether any amount is excluded from gross income under section 20233 of this Act or section 1106(i) of the CARES Act. Section 1106(i) of the CARES Act is amended to read as follows: For purposes of the Internal Revenue Code of 1986, no amount shall be included in the gross income of the eligible recipient by reason of forgiveness of indebtedness described in subsection (b). . Subsection
(a)and the amendment made by subsection
(b)shall apply to taxable years ending after the date of the enactment of the CARES Act.