Affordable Residential Property in Online Business Trade Directory

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Novogradac & Company LLP in Online Business Directory

The Internal Revenue Service (IRS) today issued guidance effective July 6 regarding how, under Internal Revenue Code (IRC) Section 4965, excise taxes apply in prohibited tax shelter transactions involving tax-exempt third parties. In Treasury Decision (TD) 9334, the IRS sets final and temporary rules relating to the requirement of a return to accompany payment of excise taxes. TD 9335 provides temporary rules regarding the form, manner and timing of disclosure obligations with respect to prohibited tax shelter transactions involving tax-exempt third parties. The IRS also released a notice of proposed rulemaking relating to entity-level and manager-level excise taxes with respect to prohibited tax shelter transactions to which tax-exempt entities are parties. The IRS ruled in Revenue Procedure 2007-20 that transactions in which the refundable or contingent fee is related to tax credits under IRC Sections 42 and 45D will not be treated as reportable transactions for purposes of Treas. Reg. § 1.6011-4(b)(4) and, thus, are not be subject to IRC Section 4965. However, some other tax credit transactions that were not specifically exempted from the definition, such as historic tax credit transactions, may be subject to the regulations under Section 4965.

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