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52 Fed. Reg. 23432 (June 22, 1987) (“Generally, the low income
housing credit determined under section 42 is allowed and may be
claimed for any taxable year if, and to the extent that, the
owner of a qualified low income building receives a housing
credit allocation from a State or local housing credit agency.”).
As the regulations explain, the taxpayer is not entitled to a
low-income housing credit “in any year in excess of an effective
housing credit allocation received from a State or local housing
credit agency.” Sec. 1.42-1T(e)(1), Temporary Income Tax Regs.,
52 Fed. Reg. 23437 (June 22, 1987); see sec. 42(h). “Housing
credit allocations are deemed made when Part I of IRS Form 8609,
Low-Income Housing Credit Allocation Certification, is completed
and signed by an authorized officer of the housing credit
agency”.10 Sec. 1.42-1T(d)(8), Temporary Income Tax Regs., 52
Fed. Reg. 23437 (June 22, 1987). Furthermore, the taxpayer must
file a completed Form 8609 and a Form 8586, Low-Income Housing
Credit, with his tax return for each year the credit is claimed.
Sec. 1.42-1T(h)(2), Temporary Income Tax Regs., 52 Fed. Reg.
23439 (June 22, 1987). Neither V&M Management nor petitioner
ever applied for an allocation of low-income housing credits,
received Form 8609, or attached Form 8609 to its or his tax
10The credit-seeking taxpayer must similarly complete Part
II of Form 8609. See sec. 1.42-1T(h)(2), Temporary Income Tax
Regs., 52 Fed. Reg. 23439 (June 22, 1987).
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