taxguyak
Level 3

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.  

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