Sign Up For Novogradac Industry Alert Emails

Novogradac Journal of Tax Credits Volume 3 Issue 10

The October 2012 issue of the Novogradac Journal of Tax Credits.

Journal cover October 2012

Articles

John Leith-Tetrault

Monday, October 1, 2012

On Sept. 4, in what is widely considered the most important court ruling to date concerning the use of the federal historic tax credit (HTC), the 3rd Circuit Court of Appeals overturned the Jan. 3, 2011 Tax Court decision that had held for the taxpayer in Historic Boardwalk Hall v. Commissioner (HBH). The court concluded that the investor, Pitney Bowes, was not a partner because it had no real prospect of an upside and was fully protected from any downside risks.

Michael J. Novogradac

Monday, October 1, 2012

Federal tax reform has been a recurring topic of discussion in Congress, in this year’s election and in this space. There is a general consensus that tax reform is needed, and by many accounts federal legislative efforts will likely escalate next year. In the meantime, a number of states are undertaking reform of their tax codes and the difficulties they face are illustrative of some of the challenges lawmakers will face as they embark on tax reform at the federal level.

Lance S. Smith

Monday, October 1, 2012

In the 2011 instructions for preparing Form 990, Return of Organization Exempt From Income Tax, the Internal Revenue Service (IRS) changed the reporting requirements for activity that a nonprofit has with a partnership or other similar joint venture. This change is a move from reporting partnership activity based on the books of the nonprofit to the tax basis accounting as reported on the Form 1065 Schedule K-1 that the nonprofit receives from the partnership. The IRS made this reporting requirement optional for 2011; however, the American Institute of Certified Public Accountants (AICPA) has requested that the requirement be made permanently optional.

Jackie Castaneda

Monday, October 1, 2012

Performing retroactive tenant income recertifications for low-income housing tax credit (LIHTC) properties can be a complex and confusing process. The following discussion addresses some of the most commonly asked questions.


News Briefs

Monday, October 1, 2012

The U.S. Department of Housing and Urban Development (HUD) announced immediate federal disaster assistance to homeowners and low-income renters forced by Hurricane Isaac to evacuate their homes in Mississippi and Louisiana.

Monday, October 1, 2012

The ruling on Historic Boardwalk Hall LLC (HBH) v. Commissioner of Internal Revenue was overturned by the U.S. Court of Appeals for the 3rd Circuit, rendering the project’s equity investor unqualified to receive federal historic tax credits (HTCs).

Monday, October 1, 2012

The National Affordable Housing Management Association (NAHMA) is accepting entries for its 2012 Communities of Quality (COQ) Awards program.

Monday, October 1, 2012

Illinois Gov. Pat Quinn signed legislation extending the state’s 97 existing Enterprise Zones to July 2016.

Monday, October 1, 2012

On Aug. 23, Republican presidential nominee Mitt Romney released an energy policy white paper entitled.

Learn more about Novogradac's expertise and many services