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IRS GuideWire: N-2020-59

July 28, 2020 IRS Newsroom Tax

Notice 2020-59 contains a proposed revenue procedure with a safe harbor for a trade or business that manages or operates a qualified residential living facility to be treated as a real property trade or business solely for purposes of qualifying as an electing real property trade or business under section 163(j)(7)(B) of the Internal Revenue Code.

Notice 2020-59 will be in IRB:  2020-34, dated August 17, 2020.

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