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20224 OFFICE OF CHIEF COUNSEL Number: INFO 2006-0039 Release Date: 9 29 2006 March 24, 2006 CC:PSI:B

20224 OFFICE OF CHIEF COUNSEL Number: INFO 2006-0039 Release Date: 9 29 2006 March 24, 2006 CC:PSI:B-2025

20224 OFFICE OF CHIEF COUNSEL Number: INFO 2006-0039 Release Date: 9 29 2006 March 24, 2006 CC:PSI:B Preview on Page 1

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The document is a response from the IRS to Congressman Howard L. Berman regarding his request for permission for donors to purchase solar installations for non-profits, lease them, and benefit from tax credits and depreciation. It explains that while the Internal Revenue Code provides tax advantages for solar energy property, it prohibits investment credits and accelerated depreciation for property used by tax-exempt entities. Therefore, purchasers cannot take these benefits if leasing to non-profits.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Is 168 h tax exempt use property?

An exception under Internal Revenue Code 168(h)(1)(B)(iii) provides that property is treated as tax-exempt use property only if the portion of such property leased to tax-exempt entities under disqualified leases is more than 35% of the property.

What is residential rental property under section 168?

(i) Residential rental property The term residential rental property means any building or structure if 80 percent or more of the gross rental income from such building or structure for the taxable year is rental income from dwelling units.

What is the IRS Chief Counsel memo?

General Counsel Memoranda are documents prepared by the Office of Chief Counsel that the Office has determined should be made available to the public, due to the nature of their subject matter. It is important to note that such items cannot be used or cited as precedent.

What is Section 168 tax-exempt use property?

(1) In general. For purposes of this section - (A) Property other than nonresidential real property. Except as otherwise provided in this subsection, the term tax-exempt use property means that portion of any tangible property (other than nonresidential real property) leased to a tax-exempt entity.

What is the 168 tax deduction?

SECTION 168(K) TEMPORARY 40% DEDUCTION 1 This means a taxpayer may elect to treat the cost of any qualified property as an expense allowed as a deduction for the taxable year in which the property is acquired and placed in service in 2024. Upfits purchased at the time of sale may also qualify.

What is a 168-h election?

If treated as a tax-exempt use property, the partnership is subject to unfavorable depreciation lives and methods. Fortunately, there is an escape mechanism provided in Section 168(h) of the tax code. If you make the Section 168(h) election, the partnership will benefit from more depreciation.

20224 OFFICE OF CHIEF COUNSEL Number: INFO 2006-0039 Release Date: 9 29 2006 March 24, 2006 CC:PSI:B-2025

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