Historic Boardwalk Hall – IRS Associate Chief Counsel Responds

Published by Michael Novogradac on Thursday, October 25, 2012 - 12:00am

Speaking at NYU Tax Conference, IRS Associate Chief Counsel Curtis Wilson says: “We do not intend to discourage legitimate credits for investments in appropriate activities”.

HT BNA.

Wilson spoke at New York University’s School of Continuing and Professional Studies 71st Institute on Federal Taxation.

Update:

Per BNA, Wilson said the tax credit program “is not under attack” in the case, and  “There has to be a real investment, not just the sale of tax credits”.

Further, Wilson said that a historic rehabilitation credit revenue procedure had been discussed without any decision whether to go forward with it.

Jennifer Alexander, an attorney-adviser in the Treasury Department, said they “recognize that guidance might be helpful”.