harolduman
Level 1
10-05-2022
12:23 PM
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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
- A) THAT THE IMPROVEMERNT IS MADE TO SERVICE HIS EMPLOYEES
OR
- B) THAT THE IMPROVEMENT IS MADE TO SERVICE THE PUBLIC THAT USES THE SPACE IN THE SHOPPING CENTER TO SHOP AT STORES, OR EAT IN RESTAURANTS THAT ARE LOCATED IN THE SHOPPING CENTER
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