Quiz 01/22/2019: Income Averaging


Per the Boston Capital Income Averaging State Guide we released yesterday, states are developing a variety of policies to implement the Income Average Test. The below questions, however, focus on the federal rule, as distinct from state approaches.

1. Income Averaging is available to projects that had not ______________ prior to the passage of the new law.

A. received a carryover allocation

B. had a LURA registered

C. had its minimum set-aside elected

D. placed in service

2. Section 42 requires that income designations be evenly distributed among bedroom sizes?

True or False

3. Income Averaging is available to both properties that are 100% tax credit and those that have market units.

True or False

4. Which designation below is NOT available to an Income Averaged property.

A. 10%

B. 40%

C. 70%

D. 80%

5. For income averaging purposes, who designates units at a property.

A. The investors

B. The IRS

C. The state allocating agency

D. The owner

CLICK HERE for answers to this week's quiz

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