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SECTION 11. AMOUNT OF

Internal Revenue Bulletin 2014-37 · 2026-10-03 edition · updated 2026-10-04 · United States

CREDIT ALLOWABLE TO A RESTORED BUILDING

.01 No additional credit for restoration expenditures . If a Major Disaster causes a building to suffer a reduction in qualified basis as described in section 8.01 of this revenue procedure in a taxable year during the compliance period, then § 42 does not allow the Owner to receive any additional credit amounts for costs to restore the building’s qualified basis.

Bulletin No. 2014–37 537 September 8, 2014

(b) Analysis . Under section 11.02(2) of this revenue procedure, the restoration amount is $3,625,000, and the building owner may treat any amount expended in excess of the restoration amount as rehabilitation expenditures (assuming the requirements of § 42(e) are met). The restoration amount is derived as the amount of—

a. $10,000,000, which is the building’s eligible basis immediately before the Major Disaster; multiplied by

b. 0.3625, which is the excess of— i. 1.0 over ii. 0.6375, which is the fraction whose numerator is $2,550,000 (the qualified basis immediately after the Major Disaster) and whose denominator is $4,000,000 (the qualified basis immediately before the Major Disaster).

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▸Contents — Internal Revenue Bulletin 2014-37
Internal Revenue Bulletin 2014-37

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