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Introduction

SECTION 6. EXCLUSION FROM

Internal Revenue Bulletin 2006-9 · 2026-10-03 edition · updated 2026-10-04 · United States

GROSS INCOME FOR A QUALIFIED COMMUNITY ASSET IN THE EXPANDED AREA OF A RENEWAL COMMUNITY

Any qualified capital gain (as defined in § 1400F(c)) from the sale or exchange of a qualified community asset (as defined in § 1400F(b)) that is in the expanded area of a renewal community and that is held for

February 27, 2006 544 2006–9 I.R.B.

information are confidential, as required by 26 U.S.C. 6103.

DRAFTING INFORMATION

The principal author of this revenue procedure is Charles Magee of the Office of Associate Chief Counsel (Passthroughs and Special Industries). For further information regarding this revenue procedure, contact Mr. Magee at (202) 622–3110 (not a toll-free call). For information regarding the renewal community employment credit under § 1400H, contact Karin Loverud at (202) 622–6080 (not a toll-free number).

An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number.

The collection of information in this revenue procedure is in section 3.04 of this revenue procedure. This information is required to obtain an allocation of commercial revitalization expenditure amounts for a qualified revitalization building in the expanded area of a renewal community. This information will be used by the Service to verify that the taxpayer is entitled to the commercial revitalization deduction. The collection of information is required to obtain a benefit. The likely respondents

are state or local governments and business or other for-profit institutions.

The estimated total annual reporting burden is 150 hours.

The estimated annual burden per respondent varies from 1 to 4 hours, depending on individual circumstances, with an estimated average of 2.5 hours. The estimated number of respondents is 60.

The estimated annual frequency of responses is on occasion.

Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally tax returns and tax return

2006–9 I.R.B. 545 February 27, 2006

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▸Contents — Internal Revenue Bulletin 2006-9
Internal Revenue Bulletin 2006-9

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