SECTION 29 TAX CREDITS were adjusted downward April 1 after the US government revamped its inflation index

SECTION 29 TAX CREDITS were adjusted downward April 1 after the US government revamped its inflation index

July 01, 2000
SECTION 29 TAX CREDITS were adjusted downward April 1 after the US government revamped its inflation index. The section 29 credit is a credit for investing in alternative fuels projects. The credit went from $1.052 an mmBtu of fuel produced in 1998 to $1.035 an mmBtu for fuel produced in 1999.

THE IRS IS STUDYING THE TAX TREATMENT OF CERTAIN PARTNER CONVERSIONS. The agency asked for comments on what happens when someone exercises an option to acquire a partnership interest, or converts a convertible debt instrument into a partnership interest, or converts a preferred partnership interest into a common interest. Comments are due by September 15.

Keith Martin