CPA, Partner, Affordable Housing Industry Leader
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Affordable Housing News & Views - August 2020
Coming Soon
This new set of events and insights will start with a four-part webinar series, “Understanding LIHTC,” that will help new entrants gain a foundation for how affordable housing is developed, including making the business case for developing LIHTC projects, understanding the entities involved, and key issues during pre- and post-construction. Following this four-part series, CohnReznick professionals will discuss specific topics to help all experience levels better understand important issues, and nuances that affect successfully developing affordable housing. Watch for a full announcement coming later this month.
CohnReznick Insights & Resources
While recent conditions have been anything but normal, we are reminded over and over again about the importance of affordable housing production and the potentially widening affordability gap our country will continue to face. As we deal with new challenges and work together to find solutions, CohnReznick invites affordable housing clients and industry colleagues to participate in a short survey, the results of which we will share in our September Affordable Housing Views and News. The survey takes 1-2 minutes.
Section 1061 was enacted as part of the Tax Cuts and Jobs Act (TCJA) in December 2017. The TCJA introduced the concept of an “applicable partnership interest” (API), which captures the carried interest, or profits interest, typically held by the general partner. The TCJA provides that holders of a profits interest will only be eligible for the preferential long-term capital gains rate with respect to gains realized on dispositions of capital assets, sold after Dec. 31, 2017, held for more than three years. With many unanswered questions from the original code section, the recently issued proposed regulations provide much-needed insight into how Section 1061 is to be interpreted and how Treasury may look at these arrangements in the future. Read our overview of highlights to consider.
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Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice specific to, among other things, your individual facts, circumstances and jurisdiction. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
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