 income. Generally you must report all income except income that is exempt from tax by law. So notice the structure of this. The government isn't listing out all the things that you have to report as income. They're going to list out the things you don't have to report as income, which means that basically everything else is income. You have to argue if you were to argue with them under the law here that there's an exception to the rule of you being able to record it as income. If there is a court, if you went to court and argued with them on it. So for detail, see the following instructions and the schedule one instructions, especially the instructions for lines one through seven and schedule one line one through eight Z. Also, you can go to publication 525 for more information. So forgiveness of paycheck protection program to PPP loans. Now, when we got into these, the COVID thing, of course, they had all these special rules that many of which went through the IRS when they're trying, when they're trying to deal with this whole COVID situation. One of them were these PPP loans, which was an attempt to give more funding or liquidity to the businesses that they're basically kind of forcing out to shut down in some cases and they put some some things that the businesses kind of had to do. But the way it was structured was that you give someone a loan and then if they do what you wanted them to do, if they met the requirements, then you actually forgive the loan. Now normally the problem there when we talk about an income standpoint is that when someone forgives a loan, that means you got free money, right? So now the question is, well, if they forgive the loan, do I have to include the income that I got from the loan as income or not? The general rule would be that you would include it as income. In that case, unless again, there's an exception. So the forgiveness of a PPP loan creates tax exempt income. So although you don't need to report the income from the forgiveness of your PPP loan on form 1040 or 1040 SR, you do need to report certain information related to your PPP loan. So revenue procedure 2021-48 2021-49 IRB 835 permits taxpayers to treat tax-exempt income resulting from the forgiveness of a PPP loan as received or accrued one as and to the extent that eligible expenses are paid or incurred to when you apply for the forgiveness of the PPP loan or three when forgiveness of the PPP loan is granted. If you have tax exempt income resulting from the forgiveness of a PPP loan tax exempt, meaning, you know, in essence, you don't have to include it as income because as you're saying, it's exempt from taxes. So that would be good if you can have income, which is tax exempt, attach a statement to your return reporting each taxable year for which you are applying a revenue procedure 2021-48 and which section of revenue procedure 2021-48 you are applying either section 3.0112 or 3. Any statement should include the following for each PPP loan. Number one, your name, address, ITEN or social security number. Number two, a statement that you are applying or applied section 3.012 or 3 of revenue procedure 2021-48 and for what tax taxable year three, the amount of tax exempt income from forgiveness of the PPP loan that you are treating as received or accrued or for what taxable year and for whether forgiveness of the PPP loan has been granted as the date you file your return. So you can write the RP 2021-48 at the top of your attached statement.