Owner Can Correct Error Regarding Credit Period of Building

Facts: The IRS gives owners the option of claiming tax credits at the end of the year the buildings are placed in service or deferring until the following year. Once credits are claimed, the qualified basis is set and can never go down. In addition, any low-income units leased after the first year are not calculated by the 10-year accelerated formula. Instead, they receive two-thirds of the credit amount up through Year 15.