Philadelphia shareholder Philip Karter was interviewed by Bloomberg BNA for its December 2014 edition of the Weekly State Tax Report on the importance of careful tax planning in monetizing the value of state tax credits sold to tax credit purchasers. In the interview, Karter, who won a historic tax credit case in U.S. Tax Court earlier this year, Gateway Hotel Partners v. Commissioner, T.C. Memo 2014-5, commented extensively about the chilling effect in the tax credit community from an earlier decision, Historic Boardwalk Hall LLC v. Commissioner, 694 F.3d 425, (3rd Cir. 2012), and the implications of safe-harbor guidance issued by the IRS in Revenue Ruling 2014-12. A copy of the article, written by BNA reporter Rebecca Helms, can be found here.
The Helms article is reproduced with permission from Tax Management Weekly State Tax Report.