HTCC Asks IRS to Provide Guidance on Accounting Treatment for Section 50(d) Income
January 8, 2015The IRS has informally signaled to the Historic Tax Credit Coalition at recent conferences that it intends to rule on accounting treatment for the 50(d) income that results from the use of the Master Tenant legal structure. In order to shape this impending guidance, the Historic Tax Credit Coalition asked the IRS to place this issue on its FY15 Priority Guidance List, and then sent a letter stating the industry’s position.
The Historic Tax Credit Coalition’s representatives met with the IRS to discuss its position in late September 2014. The Coalition sent a follow up letter in December 2014 restating its position, asking that any guidance be prospective only, and providing suggested transition language that protects closed transactions.
Downloads
Category: IRS Guidance
HTCC Asks IRS to Provide Guidance on Accounting Treatment for Section 50(d) Income
January 8, 2015The IRS has informally signaled to the Historic Tax Credit Coalition at recent conferences that it intends to rule on accounting treatment for the 50(d) income that results from the use of the Master Tenant legal structure. In order to shape this impending guidance, the Historic Tax Credit Coalition asked the IRS to place this issue on its FY15 Priority Guidance List, and then sent a letter stating the industry’s position.
The Historic Tax Credit Coalition’s representatives met with the IRS to discuss its position in late September 2014. The Coalition sent a follow up letter in December 2014 restating its position, asking that any guidance be prospective only, and providing suggested transition language that protects closed transactions.
Downloads
Category: IRS Guidance