Federal Income Tax Opinion – Solid Review Project: Riverfront Apartments (LIHTC Transaction) Taxpayer: Riverfront Housing Associates, LP
Board of Directors Lender Partners, LLC 123 Finance Way New York, NY 10001 sample tax opinion letter
The purpose is to confirm that, in the opinion of counsel, the tax benefits will be available, but it carries the caveat that the opinion is based on a "solid review" of facts and law (i.e., more rigorous than a "standard" review but short of a "should" or "will" opinion under tax shelter rules). ATTORNEY-CLIENT COMMUNICATION Federal Income Tax Opinion – Solid Review Project:
The most significant factual issue is the calculation of “eligible basis.” The HFA has certified costs of $10 million. We have reviewed the cost certifications and find that they exclude ineligible costs (e.g., swimming pools, commercial space) as required by Reg. § 1.42-5. There is no evidence of “wash sales” or inflated contractor fees. Conclusion: With solid factual support, the claimed basis should survive IRS scrutiny. LP Board of Directors Lender Partners