Chris spends $800,000 to build a qualified low-income housing project, which is placed in service on January

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Chris spends $800,000 to build a qualified low-income housing project, which is placed in service on January 1, 2012. He financed the project using his personal funds.

Required: 1. What is the amount of the low-income housing credit that Chris may claim in 2012 (assuming a rate of 7.96%)?

2. What is the total amount of the credit that Chris may claim as a result of the $800,000 expenditure?

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0470587287

14th Edition

Authors: kieso, weygandt and warfield.

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Posted Date: May 14, 2020 06:48 AM

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Chris spends $800,000 to build a qualified low-income housing project, which is placed in service on January

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Answer 1 An annual credit is applied to eligible construction and substant... View the full answer

Intermediate Accounting

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