- 7 - Reconciliation Act of 1990 (OBRA), Pub. L. 101-508, sec. 11801(a)(1), 104 Stat. 1388-520. Trusts are eligible for the energy tax credit after November 4, 1990, if they place qualifying energy property in service during the tax year. Sec. 38. Before enactment of OBRA, section 48(f) required trusts to apportion a qualified investment in residential energy property between the trust and its beneficiaries on the basis of the trust’s income allocable to each. Section 50(d)(6) provides that section 48(f), as was in effect on the day before enactment of OBRA, applies for purposes of calculating the energy tax credit for certain estates and trusts after OBRA. 2. Richter v. Commissioner In Richter v. Commissioner, T.C. Memo. 2002-90,2 as here, a taxpayer claimed an energy tax credit passed through from HEH. The taxpayer in Richter v. Commissioner, supra, contended that HEH was entitled to an energy tax credit in 1995 for purchasing solar energy systems from Mercury Solar and, that, as a beneficiary of HEH, he was entitled to a pass through of $513 of HEH’s energy credit in 1995. The taxpayer’s arrangement with HEH and Mercury Solar in Richter is substantially similar to 2 The taxpayer appealed Richter v. Commissioner, T.C. Memo. 2002-90, to the U.S. Court of Appeals for the Ninth Circuit, which dismissed the appeal under Fed. R. App. P. 42(b). Richter v. Commissioner, No. 02-72253 (9th Cir., Oct. 2, 2002).Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011