The IRS Office of the Chief Counsel has issued a new memorandum (#201106008) addressing the taxability of Tax Credit Assistance Program (TCAP) grants. The IRS finds that TCAP grants are includable in the gross income of taxpayers that are awarded the funds by a state housing authority. The guidance also discusses whether the grant funds are includable in the taxable year the grant is awarded or the taxable year the grant was received. Read More…
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