MY CLIENT, AN INDIVIDUAL TAXPAYER, OWNS 5 SHOPPING CENTERS, AS SINGLE MEMBER LLCS
TAXPAYER PAID FOR IMPROVEMENTS IN 2021 THAT QUALIFY HIM FOR THE DISABLED ACCESS CREDIT, TO 3 OF HIS PROPERTIES
EACH OF THE SHOPPING CENTERS QUALIFY AS AN ELIGLE BUSINESS( HAVING LESS THAN $1,000,000 IN GROSS RECEIPTS OR HAVE FEWER THAN 30 EMPOYEES) AND ALL COMBINED, THEY ALSO QUALIFY
QUESTIONS:
1) HOW MUCH CREDIT WOULD THE TAXPAYER BE ALLOWED TO CLAIM SINCE EACH ENTITY, I ASSUME, IS CONSIDERED A SMALL BUSINESS
2) WOULD THE FACT THAT HE IS THE OWNER OF ALL THE SHOPPING CENTERS LIMIT THE AMOUNT OF CREDIT TO A MAXIMUM OF $5000.00(IRC 52(b)
3) WHAT IS CONSIDERED IN DETERMINED IN CONSIDERING THE DAC
OR
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.