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Wednesday, February 7, 2007 - 7:45AM

The Internal Revenue Service (IRS) today provided guidance to tax-exempt entities described in Internal Revenue Code (IRC) Section 4965 regarding whether they are parties to a prohibited tax shelter transaction under IRC Section 4965. Notice 2007-18 states that pursuant to Revenue Procedure 2007-20, transactions in which the refundable or contingent fee is related to tax credits under IRC Sections 42 and 45D will not be treated as reportable transactions for purposes of Treas. Reg. § 1.6011-4(b)(4) and, thus, will not be subject to Section 4965. In addition, Notice 2007-18 invites comments from the public regarding all aspects of Section 4965.

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