taxguyak
Level 3
03-01-2025
01:12 PM
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Yes similar situation. I would think the Notice 2014-7 applies to an S-Corp, but I haven't seen on irs.gov saying that it does or doesn't apply. IRS gives an example that it applies to a Schedule C. If it applies to an S-Corp I don't think operating expenses could be deducted, as the intent of the Waiver income is to cover all expenses.