RP-2014-49 & RP-2014-50
Internal Revenue Service (IRS) sent this bulletin at 08/21/2014 02:05 PM EDT
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Issue Number: RP-2014-49 & RP-2014-50Inside This IssueRevenue Procedure 2014-49 which, in the context of a Major Disaster, provides temporary relief from certain requirements of § 42 of the Internal Revenue Code for Agencies and Owners. The revenue procedure also provides emergency housing relief for individuals who are displaced by a Major Disaster from their principal residences in certain Major Disaster Areas. Revenue Procedure 2014-50, which automatically suspends certain requirements under § 142(d) for qualified residential rental projects financed with exempt facility bonds issued by state and local governments under § 142. The revenue procedure suspends these requirements for one year following a Presidential declaration of a qualifying major disaster. During this period, the revenue procedure suspends the income requirements for units occupied by individuals displaced by the disaster and modifies other requirements of § 142(d) to accommodate this suspension. Both will appear in IRB 2014-37 dated Sept. 8, 2014. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |