The IRS has issued Rev. Rul. 2020-27 that addresses the question of the deductibility of expenses paid with the proceeds of PPP loans. The ruling holds that:
A taxpayer that received a covered loan guaranteed under the PPP and paid or incurred certain otherwise deductible expenses listed in section 1106(b) of the CARES Act may not deduct those expenses in the taxable year in which the expenses were paid or incurred
if, at the end of such taxable year, the taxpayer reasonably expects to receive forgiveness of the covered loan on the basis of the expenses it paid or accrued during the covered period,
even if the taxpayer has not submitted an application for forgiveness of the covered loan by the end of such taxable year.

I have posted a copy of the Rev. Rul. here:

slnews.us/pbgl111920a

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More from @sltax

7 Nov
Justice Alito issued the following order in the case brought in PA by the GOP:

Order issued by Justice Alito: All county boards of election are hereby ordered, pending further order of the Court,
to comply with the following guidance provided by the Secretary of the Commonwealth on October 28 and November 1, namely, (1) that all ballots received by mail after 8:00 p.m. on November 3 be segregated and kept
“in a secure, safe and sealed container separate from other voted ballots,” and (2) that all such ballots, if counted, be counted separately. Pa. Dep’t of State, Pennsylvania Guidance for Mail-in and Absentee Ballots Received
Read 7 tweets
7 Nov
I've now read the GOP's motion in this case. supremecourt.gov/search.aspx?fi…

At best, it is disingenuous. It can also be called dishonest.
Here's the problem, under PA state law, the contested ballots have to be counted by a specified date. The prior SCOTUS order in the case required that the contested ballots be sequestered to allow further SCOTUS review.
The PA Sec. of State has issued a directive requiring both that the ballots be sequestered (thus following the SCOTUS order), but also be counted (thus assuring compliance with PA state law).
Read 4 tweets
25 Oct
The attorneys for The Lincoln Project have now responded to the threats of a defamation lawsuit by the attorney for Ivanka and Jared. As I predicted, quite aside from the obvious First Amendment hurdles any such claim would face,
the damages issue is particularly problematic. Here's the killer from the LP's lawyers at fn. 8:

The Second Circuit has held that 'a plaintiff's reputation with respect to a specific subject may be so badly tarnished
that he cannot be further injured by allegedly false statements on that subject." In one of the seminal libel-proof -plaintiff cases, the U.S. District for the Southern District of New York held that mobster John "Boobie" Cerasini had a reputation so "tarnished"
Read 5 tweets
14 Oct
I have posted the DOJ's lawsuit against Ms. Wolkoff, former aide of Melania Trump. One question leaps to mind: Did the guys who signed off on this lawsuit actually go to law school?
If they did, they would have learned in the first semester course on contracts that a contract cannot be gratuitous. Yet, they seek to enforce a document entitled "Gratuitous Service Agreement" and which provides, in part, that
Wolkoff is "not an employee of the Federal government for any purpose."

Perhaps they should read Fed.R.Civ.P. 11(b) which provides, in pertinent part, that by signing the complaint they certify
Read 5 tweets
11 Oct
The Trump campaign lost another attempt to suppress voting, this time in Pennsylvania.
As set forth by the Court, there were three claims presented: "First, whether the use of so-called “drop
boxes” for mail-in ballots is unconstitutional, given the lack of guidance or mandates that those drop boxes have security guards to man them.
Second, whether the Secretary’s guidance as to mail-in ballots—specifically, her guidance that county election boards should not reject mail-in ballots where the voter’s signature does not match the one on file—is unconstitutional.
Read 6 tweets
10 Oct
I have uploaded two federal cases dealing with the '20 election.

The first is a case from Florida dealing with the breakdown of the Florida registration process. slnews.us/pbgl101020a
The second is a case from Texas ordering Texas to suspend its "single voting location" rule. slnews.us/pbgl101020b

The Florida opinion is more interesting. The relief sought was denied because the Court felt that the wrong could not be remedied.
However, the opinion makes it clear that: "In the end, this case is not about Floridians missing registration deadlines. This case is also not a challenge to a state statute. This case is about how a state failed its citizens.
Read 5 tweets

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