Which of the following correctly describes the tax credit for rehabilitation expenditures?

Question

Quizplus · Accepted Answer

The tax credit for rehabilitation expenditures only applies to commercial or income-producing property, and not personal use property. Therefore, no credit is allowed for the rehabilitation of personal use property. Choices (A) and (B) are incorrect because the tax credit only applies to actual rehabilitation expenditures, not the cost of enlarging or adding facilities to the building. Choice (C) is incorrect because recapture provisions do apply.

Which of the Following Correctly Describes the Tax Credit for Rehabilitation