Bulletin No. 2012-21 May 21, 2012

Rev. Proc. 2012–27, page 940. Th procedure provides guidance on how a taxpayer may make the notification required by section 42(j)(6)(B)(i) of the Code, which was added by section 3004(c) of the Housing Assistance Tax Act of 2008 (Pub. L. 110–289). The notification begins the 3-year statutory period for assessing a deficiency with respect to the taxpayer resulting from a reduction in the qualified basis of a low-income housing tax credit building that occurs after the taxpayer disposes of the building (or an interest therein).