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248 IRS Revenue Ruling 2004–82 and Its Impact on the LIHTC Program Helen Ferris On July 29, 2004, the Internal Revenue Service (IRS) issued Revenue Ruling 2004–82 in an effort to address twelve questions affecting the Low Income Housing Tax Credit (LIHTC) under Section 42 of the Internal Revennu Code.1 These questions, which span seven areas (see Section II(A)-(G) below), have plagued tax credit professionals in recent years. Many of the questions and answers are compliance-related. This article...

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