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U.S. IRS Releases Practice Units on Losses Claimed in Excess of Basis in an S Corp and Qualification for Advanced Energy Project Credit

03 May 2018

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Approved Changes

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United States

The U.S. IRS has released international practice units on: Losses Claimed in Excess of Basis, which addresses whether a shareholder has sufficient basis to claim losses and deductions passed through from an S corporation (amount limited to the adjusted basis in stock and debt, with the excess carried forward indefinitely); Examining the Qualifying Advanced Energy Project Credit, which covers the steps for the determination of whether a taxpayer’s qualifying advanced energy project credit (IRC 48C credit) complies with IRC 48C (IRC 48C credit introduced as part of the American Recovery and Reinvestment Act of 2009 to encourage investments in projects...