IRS Rejection Of Renewable Energy Tax Credits Is Puzzling

Law360, New York (September 28, 2017, 1:04 PM EDT) -- In Technical Advice Memorandum 2017-29-020 (July 21, 2017), the U.S. Internal Revenue Service denied claims by two tax equity investors for renewable energy tax credits, on grounds that the transaction was structured solely to facilitate the purchase of tax credits.

The investors claimed credits under section 45(e)(8) of the Internal Revenue Code, which provides a credit for production of certain refined coal over a ten-year period. The credits at issue were derived from the production of refined coal at two production facilities owned by a joint...
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