Internal Revenue Bulletin: 2005-8
February 22, 2005
Low-income housing tax credit; private activity bonds. Resident populations of the 50 states, the District of Columbia, Puerto Rico, and the insular areas are provided for purposes of determining the 2005 calendar year (1) state housing credit ceiling under section 42(h) of the Code, (2) private activity bond volume cap under section 146, and (3) private activity bond volume limit under section 142(k)(5).
This notice grants an extension of time of the transitional relief provided in Notice 2004-80, 2004-50 I.R.B. 963, for material advisors to comply with the new filing requirements under section 6111. Notice 2004-80 updated.
This document contains corrections to temporary regulations (T.D. 9170, 2005-4 I.R.B. 363) that provide guidance concerning the applicability of section 1374 to S corporations that acquire assets in carryover basis transactions from C corporations on or after December 27, 1994, and to certain corporations that terminate S corporation status and later elect again to become S corporations.
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