IRS Clarifies Criteria For Historic Building Credits

Law360, New York (January 2, 2014, 5:13 PM EST) -- The Internal Revenue Service on Monday clarified when investors in a partnership can reap historic building tax credits, hoping to lift the cloud of uncertainty caused by a recent appeals court decision that has dogged investors and developers that use the credits.

The IRS issued a long-awaited revenue procedure that gives guidance on how historic building tax credit investors can avoid agency scrutiny. The safe harbor guidelines come months after the Third Circuit ruled that an investor in a rehabilitation project could not be allocated a...
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