IRS Considering Rule That Would Exempt Most Tax Credit Deals from Reportable Tax Shelter Regulations

摘要

The Internal Revenue Service is considering action that would preclude low-income housing tax credit transactions from being considered transactions with contractual protection, which would exempt most tax credit transactions from reportable tax shelter regulations. The development of an exemption came up in a brief question-and-answer session with IRS officials during an American Bar Association continuing legal education teleconference in December, according to Glenn A. Graff, a lawyer with Applegate & Thorne-Thomson, P.C. in Chicago, who was a seminar participant.