2 reason of forgiveness of indebtednessdescribed in 7Ab of the SBA7Ai1of the SBAIn addition 276a provides that no deduction shall be denied no tax attribute shall be reduced and no basis increase shal ID: 899521
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1 RevRul202This ruling obsoletes Notice 20
RevRul202This ruling obsoletes Notice 202032, 2020May 18, 2020), and RevRul 2 reason of forgiveness of indebtednessdescribed in 7A(b) of the SBA7A(i)(1) of the SBA.In addition, 276(a) provides that no deduction shall be denied, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross incomeprovided by 7A(i)(1)of the SBASee§ 7A(i)(2) of the SBA. Theamendment made by 276(a) of the Act applies to taxable years ending after March 27, 2020, the date of the enactment of the CARES Act.See276((2)of the Act. As a result of the amendment made by 276(a) of the Act regarding t
2 he Federal income tax consequences of co
he Federal income tax consequences of covered loan forgiveness, theconclusion stated in Notice 2020and the holding stated in RevRul202027, areno longer accurate statementof the lawAccordingly, Notice 2020and RevRul2020aredeclared obsolete as of the effective date of the amendment made by 276(a) of theAct.DRAFTING INFORMATIONThe principal authorof this revenue rulingare Charles GorhamCharles Magee and Bruce Chang, Office of the Associate Chief Counsel (Income Tax & Accounting). For further information regarding this revenue ruling, please contact Mr. Chang at (202) 4870 or Patrick Clinton at (202) 3174651(not tollfree numbe