§47 — Rehabilitation credit

To distinguish between them would deny economic reality. See Gregory v. Helvering, 293 U.S. 465, 470, 55 S.Ct.

- 23 - We hold that the determination set forth in paragraph 8 of the respective notices of deficiency that respondent issued to petitioners in these cases relates to certain partnership items described above .

Because the East Hall was a historic structure, this rehabilitation project had the potential to earn section 47 historic rehabilitation credits.

Section 47 sets out two prongs for the “mere change in the form” test — first, a continuing trade or business, and second, a retained substantial interest. The transactions herein clearly satisfy the continuing trade or business requirement.! However, after the transaction in question, petitioner no longer had any interest in its former glass busin

§ 47-3419(A) (West 2022). If an accommodation party ends up paying on the instrument, that party may seek reimbursement from the primary obligor and may enforce the instrument, but the party does not have a right to the underlying property. Ariz. Rev. Stat. Ann. § 47-3419(E) (West 2022). From the testimony we reach the conclusion that Artur was nev

ent disallowed petitioners' special allowance for depreciation because the solar equipment was not "Section 179 property". Respondent disallowed petitioners' energy credit because their expenses did "not qualify for the Rehabilitation Credit" under section 47. Given that petitioners did not claim a section 179 deduction or a section 47 rehabilitation credit on their return, respondent's references to these sections were in error. Respondent now acknowledges that sections 179 and 47 are inapplica

Under - 71 - [*71] Federal tax law, interest in transferee liability cases is calculated in two separate periods, prenotice and postnotice; the applicable notice is the notice of transferee liability. Prejudgment interest (a State law term) includes prenotice interest and a portion ofthe postnotice interest. The postnotice interest

Under - 71 - [*71] Federal tax law, interest in transferee liability cases is calculated in two separate periods, prenotice and postnotice; the applicable notice is the notice of transferee liability. Prejudgment interest (a State law term) includes prenotice interest and a portion ofthe postnotice interest. The postnotice interest

Under - 71 - [*71] Federal tax law, interest in transferee liability cases is calculated in two separate periods, prenotice and postnotice; the applicable notice is the notice of transferee liability. Prejudgment interest (a State law term) includes prenotice interest and a portion ofthe postnotice interest. The postnotice interest

Under - 71 - [*71] Federal tax law, interest in transferee liability cases is calculated in two separate periods, prenotice and postnotice; the applicable notice is the notice of transferee liability. Prejudgment interest (a State law term) includes prenotice interest and a portion ofthe postnotice interest. The postnotice interest

Dictionary 1160-1161. While "noscitur a sociis" is most commonly applied to lists ofthree or more terms, it may apply "when two or more words are grouped together." 2A Norman J. Singer & -25- J.D. Shambie Singer, Sutherland Statutory Construction, sec. 47:16, at 359 (7th ed. 2014). Because "political subdivision" appears in the same clause as "agency or instrumentality," petitioner argues that the latter phrase should be given a limiting construction that essentially equates it to the former. T

47-05-02.1 (1999 & Supp. 2013) provided in pertinent part: Real property easements * * * which become binding after July 1, 1977, shall be subject to the requirements ofthis section. These requirements are deemed a part ofany agreement for such interests in real property whether or not printed in a document ofagreement. * * * * * * * 2. The du

47-05-02.1 (1999 & Supp. 2013) provided in pertinent part: Real property easements * * * which become binding after July 1, 1977, shall be subject to the requirements ofthis section. These requirements are deemed a part ofany agreement for such interests in real property whether or not printed in a document ofagreement. * * * * * * * 2. The du

For increase in tax due to the application ofsection 47, see §1.1502-3(f).

47-05-02.1 (1999 & Supp. 2013) provided in pertinent part: Real property easements * * * which become binding after July 1, 1977, shall be subject to the requirements of this section. These requirements are deemed a part of any agreement for such interests in real property whether or not printed in a document of agreement. * * * * * * * 2. The

For increase in tax due to the application of section 47, see §1.1502-3(1).

k’s Law Dictionary 1160-1161. While noscitur a sociis is most commonly applied to lists of three or more terms, it may apply “when two or more words are grouped together.” 2A Norman J. Singer & J.D. Shambie Singer, Sutherland Statutory Construction, sec. 47:16, at 359 (7th ed. 2014). Because “political subdivision” appears in the same clause as “agency or instrumentality,” petitioner argues that the latter phrase should be given a limiting construction that essentially equates it to the former.

eral resources." Id. at 307. While "n scitur a sociis" is most commonly applied to lists ofthree or more terms, it may apply "when two or more words are grouped together." 2A Norman J. Singer & J.D. Shambie Singer, Sutherland Statutory Construction, sec. 47:16, at 347 (7th ed. 2007). Here, the term "for cause" is susceptible to a wide variety ofnkeanings under private contracts. Applyingthe "noscitur a sociis" canon, we can surmise that the Department ofthe Treasury, by associating the phrase "f

47:42A (2001), wlÅich was in effect during the tax years 1994 through 2001, provided that "Gross income includes gains, profits, and income derived from salaries, wages, or compensation for personal service * * * or from professions, vocations, trades, businesses * * *[and] from interest * * * or the transaction ofany business carried on for g

part ofthe witness's account ofthe background and circumstances ofa material transaction, which as a matter ofhuman experience he would not have been mistaken about ifhis story were true." Carter, 953 F.2d at 1458 n. 3 (quoting McCormick on Evidence § 47, at 112 (E. Cleary ed., 3d ed. 1984)). Finally, Rule 403 does not provide for a time limit like Rule 609 does. * * * * * Rule 403 requires the court to weigh the probative value and the prejudicial effect. This circuit has consistently applied t

47:lA-1, et seq., and requesting information as to work performed on the 265 Cold Soil property, revealed that construction permits for the dwelling house ofthat property had not been issued until late 2009. The lack of evidence on fair rental value ofthe 265 Cold Soil property, coupled with the testimony ofrespondent's revenue agent that the

ral resources.” Id. at 307. While “noscitur a sociis” is most commonly applied to lists of three or more terms, it may apply “when two or more words are grouped together.” 2A Norman J. Singer & J.D. Shambie Singer, Sutherland Statutory Construction, sec. 47:16, at 347 (7th ed. 2007). Here, the term “for cause” is susceptible to a wide variety of meanings under private contracts. Applying the “noscitur a sociis” canon, we can surmise that the Department of the Treasury, by associating the phrase

taxpayer has the burden ofpersuading the Court that the IRS's determination is mcorrect. Id. at 447. The burden ofpersuasion is satisfied ifa preponderance oftlie evidence supports the fact asserted. John Jay McKelvay, Handbook ofthe Law ofEvidence, sec. 47, at 96 (5th ed. 1944). As -6- explained below, we find that Ensyc has shown by a preponderance ofthe evidence that it had reasonable cause for not timely filing the return. We must first resolve the parties' dispute about whether Jessup maile

rms 1065, U.S. Return of Partnership Income, for 2000, 2001, and 2002, Historic Boardwalk Hall claimed qualified rehabilitation expenditures and allocated those expenditures to PB, allowing PB to claim historic rehabilitation tax credits pursuant to sec. 47, I.R.C. R issued an FPAA asserting alternative grounds for denying PB the claimed rehabilitation tax credits. R's overarching argument is that NJSEA sold the rehabilitation tax credits to PB for a fee. R also SERVED JAN -3 2011 - 2 - argues t

47-2853.10(a) (12) (LexisNexis 007) and Mayor's Order 2000-70, dated May 2, 2000.a Their A court may take judicial notice of appropriate adjudicative facts at any stage in a proceeding, whether or not the notice is requested by the parties. See Fed. R. Evid. 201(c), (f); see also United States v. Harris, 331 F.2d 600, 601 (6th Cir. 1964) (expl

For example, it may be necessary to determine whether contribution of the property causes recapture by the contributing partner of the investment credit under section 47 in certain circumstances in which that determination is irrelevant to the partnership.

supported by the “rule of the last antecedent”, under which the clause “which was irrevocable on September 25, 1985” should be construed to relate to the word “trust” and not to the word “transfer”. See 2A Singer, Sutherland Statutory Construction, sec. 47:33 (6th ed. 2000); see also Barnhart v. Thomas, 540 U.S. 20, 26 (2003). That conclusion also is supported by the fact that Congress apparently drafted the general rule with a broad and precise brush, providing explicitly that the GST “shall no

supported by the “rule of the last antecedent”, under which the clause “which was irrevocable on September 25, 1985” should be construed to relate to the word “trust” and not to the word “transfer”. See 2A Singer, Sutherland Statutory Construction, sec. 47:33 (6th ed. 2000); see also Barnhart v. Thomas, 540 U.S. 20, 26 (2003). That conclusion also is supported by the fact that Congress apparently drafted the general rule with a broad and precise brush, providing explicitly that the GST “shall no

47-2-105 (1963); Tex. Bus. & Com. Code Ann. sec. 2.105 (West 1967). Instead, a present sale of nonexisting property or goods operates as a contractual obligation to buy and sell property at a later date. A contractual right to purchase nonexisting property in the future is not a property interest in the underlying property. See Hoven v. Commis

The regulations under section 47 raise rebuttable presumptions that the facts are adverse to the taxpayer who fails to maintain the required records.

Such other information would include those factors used in determining whether there is recapture under section 47 by the contributing shareholder of the general business credit because of the contribution of property in circumstances in which that determination is irrelevant to the corporation.

According to petitioners, denial of the rehabilitation credit defeats the express legislative policy goal underlying the enactment of section 47; namely, to preserve historic landmarks and to provide an economic stimulus to areas susceptible to abandonment.

(c) Regular Tax.-- (1) In general.--For purposes of this section, the term "regular tax" means the regular tax liability for the taxable year (as defined in section 26(b)) reduced by the foreign tax credit allowable under section 27(a) and the section 936 credit allowable under section 27(b).

Such term shall not include any tax imposed by section 402(e) and shall not include any increase in tax under section 47 or subsection (j) or (k) of section 42.

position or occupation", is to no avail. Our analysis is necessarily governed by the meaning of the operative term as it is specifically defined by Congress and not as it may be more popularly construed. 2A Singer, Sutherland Statutory Construction sec. 47.07, at 151, (5th ed. 1992). As we have already discussed, section 4980A(e)(1)(A) defines the term "retirement distribution" to mean the amount distributed during the taxable year under a qualified employer plan with respect to which the indiv

47-10-01 (1978). The requisites of an executory contract for the purchase and sale of real property, also known as a contract for deed, are that there - 20 - should be: (1) Parties capable of contracting; (2) the consent of the parties; (3) a lawful object; and (4) sufficient cause of consideration. N.D. Cent. Code sec. 9-01-02 (1987); Gerhar