Flop, tax-free scheme rejected already (2,2,2)
I believe the answer is:
as it is
'already' is the definition.
(as it is means as things are currently)
I can't explain the rest of the clue.
Can you help me to learn more?
(Other definitions for as it is that I've seen before include "In the current state of affairs" , "In the existing circumstances" , "In current circumstances, the way things are" , "Like now" , "In the present circumstances" .)