Deadline For Comments On Alternative Method For Determining Purchase Price Limits For Single-Family Bonds Under §143 Of The Internal Revenue Code
Purchase price limits for single-family bonds have been based on FHA limits since 2004. As was the case in 2011, the Internal Revenue Service (“IRS”) is considering a substantial change to the data source used to determine such limits. Please be advised that the deadline for comments on the alternative method for determining average area purchase price safe harbor limits set forth in IRS Rev. Proc. 2012-25 is July 15, 2012 as previously noted in our April 25, 2012 Hawkins Advisory. To the extent you have concerns about changes to the methodology for purchase price limits, we urge you to submit comments by the deadline.
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