New accounting option for common improvements to real estate Jim Balthaser and Thomas J. Callahan
By: Balthaser, Jim
.
Contributor(s): Callahan, Thomas J.
Material type: 
ArticleSubject(s): IMPUESTOS | PROPIEDAD INMOBILIARIA | CONTABILIDAD FISCAL | ESTADOS UNIDOS
In:
Journal of Taxation of Investments v. 40, n. 3, Spring 2023, p. 29-31Summary: The economic performance requirement, under Section 461, that real estate developers wait until all economic performance test elements have been met before adding the cost of common improvements to the basis of benefitted units at best meant delays before deductions could be taken, and at worst meant such costs were never recovered. Now, new Revenue Procedure 2023-9 provides developers a safe harbor.
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| OP 235/2023/40/3-1 Tax credits for sale | OP 235/2023/40/3-2 Overview of President Biden's budget's proposed tax increases | OP 235/2023/40/3-3 U.S. Clean Vehicle Credit | OP 235/2023/40/3-4 New accounting option for common improvements to real estate | OP 235/2023/40/3-5 Proposed IRS guidance on Non-Fungible Tokens | OP 235/2023/40/3-6 Innovation and tax evasion | OP 235/2023/40/4-1 Energy tax credits and the Inflation Reduction Act |
Resumen.
The economic performance requirement, under Section 461, that real estate developers wait until all economic performance test elements have been met before adding the cost of common improvements to the basis of benefitted units at best meant delays before deductions could be taken, and at worst meant such costs were never recovered. Now, new Revenue Procedure 2023-9 provides developers a safe harbor.
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