Transcription of IRC §42, Low-Income Housing Credit - MHIC
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IRC §42, Low-Income Housing Credit - MHIC
IRC 42, Low-Income Housing Credit The scope of this guide is limited to guidelines for IRS examiners conducting audits of taxpayers owning IRC 42, Low-Income Housing projects. Audit Technique Guide This material was designed specifically for training purposes only. Under no circumstances should the contents be used or cited as authority for setting or sustaining a technical position. Training 3123-006. (Rev. 09-2014). TPDS No. 89028M. This page intentionally left blanks PREFACE. This audit technique guide was prepared to assist IRS examiners audit taxpayers, usually partnerships, owning IRC 42 Low-Income Housing projects. The guide is organized in the order an examiner might address issues during an audit, working from high- level issues to issues requiring more detailed analysis, and chronologically from the Precontact Analysis through Report Writing. Two related topics, auditing partners and completing the Examination of income , are also addressed.
Revised September 2014 1-1 Chapter 1 Introduction Introduction The IRC §42 Low Income Housing Credit Program was enacted by Congress as part of the Tax Reform Act of 1986 to encourage new construction and rehabilitation of
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