What is NOT a part of calculating the tax credit formula?
Answer: (C) Building Identification Number is not a part of the tax credit formula. Step one of the tax credit formula is the eligible basis x applicable fraction = qualified basis. Step two of the tax credit formula is qualified basis x applicable credit percentage = Annual tax credit
True or False - On the form IRS 8609, line 10c minimum set aside can be changed at any time during the compliance period.
Answer: False. The minimum set aside is an irrevocable selection.
What are the two types of credit percentages for Low Income Tax Credits?
Answer: (B) Section 42, Internal Revenue Code includes two credits: a 4 percent credit for acquisitions and housing projects that use tax-exempt bonds, and a 9 percent credit for projects that do not use tax-exempt bonds.
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