IRS: Revenue Procedure 2009-16 - § 168(k)(4) Election

Revenue Procedure 2009-16 supplements Rev. Proc. 2008-65, 2008-44 I.R.B. 1082 by providing guidance on the time and manner for making the new § 168(k)(4) election, the allocation of the credit limitation increases allowed by this election among members of a controlled group, the effect of the election on partnerships with corporate partners that make the election, the application of § 168(k)(4) to S corporations, and the election under § 3081(b) of the Housing and Economic Recovery Act of 2008 by certain automotive partnerships.

Posted by Min Young Choi, Associate Editor, Wealth Strategies Journal.