New Roof- Repairs? Solar Tax Credit?

[ICOUNT]

I have a client who owns a commercial building that he rents. He will be putting a new roof on the building in 2009 along with solar panels. He has been paying alternative minimum tax in the past. I know that roof replacements have been discussed in other forums----I would like you to google " The Tax Aspects of Roof Replacements " in Corporate Business Taxation Monthly for October 2008. This article seems to give the green light to treating replacements as repairs based on proposed regulations & tax court cases. The other question is related to the solar energy credit. First it does appear that there is a 30% credit available for solar panels for rental commercial buildings. It appears he can claim the credit based on cost or a production credit based on output. Also it appears there is a grant available by ARRA. Does anyone know about the grant? The next question if he pays alternative minimum tax is the credit moot since he can't utilize it. Can he carry this unused credit forward of back? ---Why does life have to be so complicated?

[jainen]

>>green light to treating replacements as repairs based on proposed regulations & tax court cases<<

I suppose if someone were really picky, he might base it on facts and circumstances as well. Actually, the authors of the article you cite suppose the same thing--not exactly what I'd call a green light.

[clairebear04]

this is an interesting discussion. thanks for sharing

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