IRS Letter Ruling Provides Relief to Taxpayer for Late Application Filing
By Caitlin Jones
1 min read
Tax Credit Advisor, January 2010: In a recently released private letter ruling, the Internal Revenue Service has held that a taxpayer’s late filing of a Part I application with the National Park Service will be considered timely, even though the taxpayer didn’t file the application before placing in service its historic rehabilitation tax credit development. In the ruling (200943001), the IRS noted that the taxpayer wasn’t aware that the application had to be approved in advance, and erroneously believed that no Part I had to be filed because the building was already listed on the National Register of Historic Places.
(Ruling: http://www.irs.gov/app/picklist/list/writtenDeterminations.html)
