IRS PROVIDES GUIDANCE ON TAX TREATMENT OF SECTION 1602 FUNDS

Wednesday, March 17, 2010 - 1:15AM

In Notice 2010-18 the Internal Revenue Service provides guidance to low-income housing tax credit allocation agencies in determining how to reduce the LIHTC ceiling under Internal Revenue Code Section 42(h)(3) when tax credits are exchanged for funds under Section 1602 of the American Recovery and Reinvestment Tax Act of 2009. The notice also provides guidance regarding the effect of Section 1602 funds on building basis and taxpayer income.
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