The Internal Revenue Service (IRS) has released it latest LIHC Newsletter, which provides a forum for information about Section 42, the Low-Income Housing Tax Credit (LIHTC), and communicates technical knowledge and skills, guidance, and assistance for developing LIHTC properties. LIHC Newsletter #52 provides guidance on calculating eligible basis, more specifically stipulations for when the costs of construction loans and tax-exempt bond issuances should be included in a building’s eligible basis.
In addition, the Newsletter also provides clarifications to Section 1602 sub-awards and basis treatments of 1602 funds; guidance on IRC Section 42(g)(1) Minimum Set-Aside requirements; and clarifications to the Section 42 student rule specifically how the law relates to same-sex couples.
Click here to read LIHC Newsletter #52
