IRS Issues Guidance on LIHTC Property Disposition

The Internal Revenue Service (IRS) released Revenue Procedure 2012-27 to inform taxpayers of how to notify the IRS of any increase in tax resulting from a reduction in the qualified basis of an LIHTC building in order to begin the three-year statutory period for assessing a deficiency. Revenue Procedure 2012-27 is effective after May 2, 2012, and will be published in IRB 2012-21 on May 21, 2012.

To see a copy of Revenue Procedure 2012-27, click here.