Allocations Must Follow Depreciation Deductions

Allocations Must Follow Depreciation Deductions



The IRS recently issued circular chief counsel advisory (CCA) 2008812023, requiring that tax credits be allocated in accordance with depreciation deductions. The coordinated allocation should occur wherever a partnership agreement provides for special allocations of depreciation that differ from the general allocation of partnership items, says Barry Jacobs, editor of Housing & Development Reporter.

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