Jerald David August Presented at the American Law Institute CLE Video Wwebcast Event, “Denying Private Investor Certified Historic Tax Credits: Third Circuit Court of Appeals Reverses Tax Court in Historic Boardwalk Hall"

On Thursday, November 15, 2012, Jerald David August presented at the American Law Institute CLE Webcast Event, "Denying Private Investor Certified Historic Tax Credits:Third Circuit Court of Appeals Reverses Tax Court in Historic Boardwalk Hall"

The Third Circuit's reversal of the fully reviewed Tax Court opinion in Historic Boardwalk Hall, LLC, v. Commissioner of Internal Revenue places concern on how to effectively advise clients on their ability to successfully receive allocations of rehabilitative tax credits, as well as low income housing and other tax credits, which transactions use the partnership form for federal income tax purposes.

The Third Circuit's adverse holding in denying the private investor is based on application of the Culbertson test for determining whether an investor is a "true partner" in a partnership and further includes consideration of various judicial doctrines of economic substance, substance over form, business purpose, and the sham transaction doctrines. The partnership anti-abuse regulations are also relevant.

 

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