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Tax Audit - Low Income Housing Credit Edition Ebook

Low Income Housing Credit

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E-book Category: Business, Law
E-book Title: Tax Audit - Low Income Housing Credit Edition
Book Description: Provides examiners with technical support for identifying and developing issues related to IRC Section 42.

TABLE OF CONTENTS

CHAPTER PAGE

Chapter 1
Introduction 1-1
Background 1-1
Overview of the Credit Process:
The Participants and Their Roles 1-2
IRS Apportions Tax Credits to
the Allocation Agencies 1-2
Developers Apply to the Allocating
Agencies for Credits 1-2
State Housing Agencies 1-3
Tax Benefits Provide a Return on
Equity Investments 1-6

Chapter 2
Qualified Low-Income Housing Project 2-1
Introduction 2-1
Residential Rental Requirements 2-1
Functionally Related Facilities 2-1
Scattered Site Project 2-1
Mixed-Use Building 2-1
General Public Use 2-2
Minimum Low-Income Set-Aside Requirement 2-2
Household Income Limitations 2-3
Minimum Set-Aside Election 2-11
Audit Techniques 2-12

Chapter 3
Eligible Basis 3-1
Definition 3-1
Issues Specific to Acquisition Expenditures
(Purchase of Existing Buildings) 3-2
The 10-Year Rule 3-2
Exceptions to the 10-Year Rule 3-2
Waiver of 10-Year Rule for Certain
Federally Assisted Buildings 3-3
Related Party Ownership 3-3
Like-Kind Exchange Property 3-3
Issues Specific to New Construction
Expenditures 3-4
Expenditures Specifically Excluded from
Eligible Basis 3-4
Developer Fee 3-4
Developer Fee Notes 3-6
Nonrecourse Notes 3-7
Contingent Liabilities 3-9
Developer Fees Exceeding Economic
Feasibility Under IRC section 42(m)(2) 3-9
Allocation of Overhead and
Soft Costs to Land 3-11
New Construction Summary 3-12
Issues Specific to Rehabilitation Expenditures 3-13
Eligible Basis Computations for
Mixed-Use Buildings 3-15
Eligible Basis and the Compliance Period 3-17
Eligible Basis in "Difficult Development Areas" 3-17
Evaluating the Validity of Costs Included in
Basis (The Corbin West Tax Court Case) 3-18
Audit Techniques 3-19
Closing Documents and Settlement Sheets 3-19
AIA (American Institute of Architects)
Statements or Construction Vouchers 3-20
Development Agreements 3-21
Certificate of Occupancy 3-21
Prospectus/Offering Memorandum 3-21
State Housing Credit Agency File 3-23

Chapter 4
Qualified Basis 4-1
Introduction 4-1
Applicable Fraction 4-1
Determination of Qualified Basis 4-1
Increases to Qualified Basis 4-3
Low-Income Unit Requirements 4-4
Student Occupancy Rules 4-6
On-Site Manager's Unit 4-7
Projects with Four or Fewer Units 4-7
Audit Techniques 4-8

Chapter 5
Calculating the Low-Income Housing
Tax Credit Audit Techniques 5-7

Chapter 6
Federal Financing 6-1
Impact of Federal Financing on a
LIHC Project 6-1
Types of Federal Grants 6-3
Federally Subsidized Loan 6-4
Mechanics of Election for Use of
Lower Credit Amount 6-7
Audit Techniques 6-9

Chapter 7
Recapture of the Credit 7-1
Audit Techniques 7-2

Chapter 8
Related Tax Topics 8-1
Related Tax Liability Restrictions 8-1
At-Risk Limitations 8-2
Audit Techniques for At-Risk Issues 8-5 LIH
Credits and the Passive Loss Limitations 8-8
Introduction 8-8
Overview of the Passive Loss Limitations 8-8
LIH Losses 8-11 LIH Credits 8-12
Only One $25,000 Offset 8-12
Ordering Rules 8-13
Passive Income Issues 8-14
Dispositions 8-15
Forms 8-15
Rehabilitation Credit 8-16
Additional Help 8-16
Summary of Passive Loss Limitations 8-16
Low Income Housing and
Passive Loss Limitations 8-17
LIH Credit Issues 8-19
LIH Loss Issues 8-20
Alternative Minimum Tax 8-20
General Business Credit Limitation 8-21
Audit Techniques 8-22

Chapter 9
Extended Use Commitments 9-1
Audit Techniques 9-3

Chapter 10
Qualified Nonprofit Organizations 10-1
Special Benefits Awarded to Nonprofits 10-1
Nonprofit Set-Aside 10-2
At-Risk Limitation Concessions 10-2
Exception to the Rule for Owner
Occupied Buildings 10-4
Exception to the Rule for Transitional
Housing for the Homeless 10-4
Right to Purchase at the End of
the Compliance Period 10-4
Exception to the Rule for
Fees for Supportive Services 10-5
Exception to the 10-Year Rule 10-5
Nonprofit Organizations Defined 10-5
Safe Harbor 10-5
Joint Venture 10-7
Unrelated Business Taxable Income 10-8
Tax-Exempt Use Property 10-9
Property Leased to a Tax-Exempt Entity
(Other Than Nonresidential Real Property) 10-9
Failure to Make a Qualified Allocation
(Any Depreciable Partnership Property) 10-9
Disqualified Leases
(Nonresidential Real Property) 10-10
Debt-Financed Property 10-11
Audit Techniques 10-12

Chapter 11
Development Fees and Soft Costs 11-1
Developer Fee Requirements 11-1
Steps for Issue Identification 11-2
Characterization of Expenses 11-4
Position of the Service 11-7
Summary 11-7
Description of Syndication Scenarios and
Current Industry Tools for Marketing the
Low-Income Housing Tax Credit 11-9
Chapter 12
State Administration of the Low-Income
Housing Credit 12-1

Appendix A
Low-Income Housing Tax Credit
Interview Questions A-1
Appendix B
Information Document Request B-1
Appendix C
Code and Regulation Reference Table By
Issue and Chapter C-1
Appendix D
Reference Guide D-1
Appendix E
Forms Used in Connection with the
Low-Income Housing Credit E-1

Glossary G-1

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