IRS Grants Extension to Make Election

IRS Grants Extension to Make Election



Facts: The site owner of a newly constructed building requested an extension of time to make an election under Section 42(g)(1) of the Internal Revenue Code. The owner received Form 8609, Low-Income Housing Credit Allocation Certification, reflecting a maximum allowable housing credit dollar amount sourced from tax-exempt bond financing. The owner failed to make an effective election under Section 42(g)(1)(B) for the taxable year.

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