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LanaDallas
Level 2
October 10, 2023

Grant received by c-corporation

  • October 10, 2023
  • 2 replies
  • 10 views

How do I report the grant received by c-corporation on 1120 form? is it taxable income for c-corporation?

    2 replies

    sjrcpa
    sjrcpa
    Level 15
    October 10, 2023

    What kind of grant?

    In the absence of federal, local or state guidance exempting that particular grant, it is taxable.

    I'd put it in other income.

    The more I know the more I don’t know.
      qbteachmt
      qbteachmt
      Level 15
      October 11, 2023

      Someone will have had to submit a grant application, so someone knows what they applied for. They also know who was issuing the grant, and if that came from a public entity. Then, they also will know if that grant has a specific purpose, so that the expense is offset by that grant. Otherwise, once you know the info, you can search public info (such as the web) to find out more about the grant. Examples: Fisheries grants are in lieu of ordinary revenue and to offset foreign competition or some other impact, and is treated the same as what it replaced. But a health and safety grant, such as were issued during covid, might not be reportable since it was supposed to be spent on health and safety (ventilation, masks, etc).

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