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IRS ISSUES GUIDANCE RELATED TO LIHTC PROPERTY DISPOSITION

Wednesday, May 2, 2012 - 7:00AM

The Internal Revenue Service (IRS) today issued Revenue Procedure 2012-27, which describes how to make the notifications required to begin the three-year statutory period for assessing a deficiency resulting from a reduction in the qualified basis of a low-income housing tax credit (LIHTC) building that occurs after the taxpayer disposes of the building (or an interest therein). The guidance will be published in IRB 2012-21 dated May 21, 2012.

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