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Rehabilitation Tax Credit Edition

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Description

IRS Tax Audit Manual for Rehabilitation Tax Credit

TABLE OF CONTENTS

  • CHAPTER 1 -INTRODUCTION
    • General Background Regarding Credit 1-1
    • Background Regarding Philadelphia District Program 1-2
    • Legislative History 1-3
    • Passive Activity Rules 1-5
  • CHAPTER 2 CERTIFICATION PROCESS 2-1
  • CHAPTER 3 CERTIFICATION REQUIREMENTS Background 3-1
    • Certification Law Sections 3-3
    • Rules Applicable to Rehabilitations of Certified Historic Structures Certification Requirements 3-3
    • Certification Requirements and Rules for Certified Historic Structures 3-3
    • Court Cases 3-4
  • CHAPTER 4 NON-HISTORIC CREDITS
    • Background 4-1
    • Non-Historic Credits Law 4-2
    • Non-Certified Rehabilitations Must Be at the Location Where the Building Has Been Located Since Before 1936 4-3
    • Definition and Special Rules for “Physical Work on a Rehabilitation” and Adjoining Buildings Which Were Combined 4-3
    • Wall Retention Requirements for Non-Certified Rehabs 4-4
    • Court Cases 4-4
  • CHAPTER 5 PLACED IN SERVICE
    • Background 5-1
    • Placed in Service Law 5-2
    • When the Credit May Be Claimed 5-2
    • Court Case 5-2
  • CHAPTER 6 SUBSTANTIAL REHABILITATION Background 6-1
    • The Substantial Rehabilitation Test 6-1
    • The 60-Month Alternative Test Period 6-4
    • Multiple Overlapping Test Periods 6-4
    • Building Versus Site for Purposes of the Substantial Rehabilitation Test 6-5
    • Substantial Rehabilitation Test Law 6-6
    • Substantial Rehabilitation Requirements 6-7
    • Court Case 6-7
  • CHAPTER 7 BASIS REDUCTION REQUIRED
    • Background 7-1
    • Basic Reduction Law 7-1
  • CHAPTER 8 STRAIGHT LINE COST RECOVERY
    • Background 8-1
    • Straight Line Requirement Law 8-1
    • Court Cases 8-1
  • CHAPTER 9 CREDIT RECAPTURE ON DISPOSITION
    • Background 9-1
    • Credit Recapture Law 9-1
    • Credit Recapture Upon Disposition of Building/Rehabilitation 9-1
    • Court Case 9-1
  • CHAPTER 10 NO CREDIT FOR ACQUISITION COSTS
    • Background 10-1
    • Acquisition Cost Law 10-1
  • CHAPTER 11 ENLARGEMENT COSTS EXCLUDED
    • Background 11-1
    • Enlargement Expenditures Law 11-2
  • CHAPTER 12 SITEWORK EXPENDITURES EXCLUDED
    • Background 12-1
    • Sitework Expenditures Law 12-1
  • CHAPTER 13 PERSONAL PROPERTY EXCLUDED
    • Background 13-1
    • Personal Property Law 13-1
    • Court Cases, Revenue Rulings, and Senate Finance Committee Report 13-2
    • Court Cases 13-2
    • Revenue Rulings 13-2
    • Senate Finance Committee Report 13-3
  • CHAPTER 14 TAX EXEMPT USE PROPERTY
    • Background 14-1
    • Tax Exempt Use Law 14-3
  • CHAPTER 15 EXPENDITURES OF LESSEE
    • Background 15-1
    • Lessee Expenditures Law 15-1
    • Court Case 15-1
  • CHAPTER 16 CONSTRUCTION INTEREST & TAXES
    • Background 16-1
    • Construction Interest & Taxes Law 16-1
  • CHAPTER 17 PROGRESS EXPENDITURES
    • Background 17-1
    • Progress Expenditure Law 17-2
  • CHAPTER 18 FACADE EASEMENT
    • Background 18-1
    • Facade Easement Law 18-2
    • Court Case and Revenue Ruling 18-2
    • Court Case 18-2
    • Revenue Ruling 18-3
  • CHAPTER 19 DEVELOPER FEES
    • Background 19-1
    • Summary 19-6
  • CHAPTER 20 PASSIVE ACTIVITY RESTRICTIONS
    • Background 20-1
    • Passive Activity Provisions 20-1
  • CHAPTER 21 SYNOPSIS OF LOW INCOME HOUSING CREDIT PROVISIONS
    • Background 21-1
    • Provisions Regarding Low Income Housing 21-1
    • Income Targeting 21-1
    • Allowable Credit Percentages 21-2
    • When the Credit May Be Claimed 21-3
    • Effects of Federal Grants 21-3
    • Effects of Loans/Federal Subsidy 21-3
    • Recapture Provisions 21-4
    • State Housing Credit Ceiling 21-4
    • Low Income Housing Credit Claimed in Conjunction with the Rehabilitation Tax Credit 21-4
  • CHAPTER 22 CONSIDERATION OF PENALTIES
  • Background 22 – 1
Don’t forget – The IRS Tax Audit Manual for Rehabilitation Tax Credit isĀ tax deductible as a business expense!