Daily Tax Update - May 28, 2013: Supreme Court Denies Certiorari in Historic Boardwalk

THE DAILY TAX UPDATE WILL BE PUBLISHED ON A PERIODIC BASIS UNTIL CONGRESS RETURNS JUNE 4

Supreme Court Denies Certiorari in Historic Boardwalk:  The U.S. Supreme Court denied certiorari May 28 to Historic Boardwalk Hall, LLC, which had sought review of a decision by the U.S. Court of Appeals for the Third Circuit that an investor in a syndicated partnership that shared in federal historic rehabilitation tax credits was not a bona fide partner.  The Treasury Department and the IRS, in response to stakeholders in other historic rehabilitation deals, have been indicating over several months that they intend to provide sponsors and investors with guidance that reduces the tax uncertainty created by the Third Circuit’s decision.  Denial of certiorari may have been the final obstacle to issuing that guidance.

Miscellaneous Guidance Released:
Revenue Procedure 2013-27 provides guidance with respect to the United States and area median gross income figures that are to be used by issuers of qualified mortgage bonds, as defined in § 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in § 25(c), in computing the housing cost/income ratio described in § 143(f)(5).