IRS Grants Owner Extension to Make Election on Form 8609

Facts: The site owner of a single-building project requested an extension of time to make an election under Section 42(g)(1) of the Internal Revenue Code. Here, the owner inadvertently failed to make a timely, correct election for the building under Section 42(g)(1), consistent with the owner’s intent, as shown by submitted documentation. Section 42(g)(1) defines the term “qualified low-income housing project” as any project for residential rental property that meets the requirements of Section 42(g)(1)(A) or (B), whichever is elected by the taxpayer.