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The ruling reverses a longstanding Technical Advice Memorandum the IRS issued in 2000.
The U.S. Tax Court recently held that a developer properly included in its “eligible basis,” for purposes of computing the low-income housing tax credit, its financing costs incurred in the construction of its LIHTC site. The financing costs included bond fees regardless of whether or not the bondholders are exempt from federal income tax on the bond interest under Section 103 of the Internal Revenue Code.
