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<br />Can I Use the 20 Percent Credit? <br /> <br />1. I am a corporation. . . . _ Yes _ No <br />q ').s:r, "passive activity loss limitations probably do not apply. Go to Question 5 ami <br />omit ()uestion 14. Otlter tax provisions may apply, hOf8JlJ'l)8t; so consult your tax 01' <br />accounting atirJisor. <br /> <br />- <br /> <br />2. I am an individual taxpayer with an adjusted gross'income greater than <br />$250,000. _ Yes _ No <br />q "yt:f, " your use of t!te tax credit will be severely limited. <br /> <br />3. I am an individual taxpayer with an adjusted gross income between $200,000 <br />and $250,000. _ _ Yes -=-- No <br />.' q "yt:r," YOft may be eligible for part of the credit. See your tax or accounting atirJisor. <br />Go.to Question 5. . <br /> <br />4. I ~ an individuaJ taxpayer with an adjusted gross income less than $200,000. _ Yes _ No <br />If ').s:r, " you probably can use the credit. Continue to next question. <br /> <br />5. Is the building listed in the National Register of Historic Places? ---:- Yes _ No <br />. q ').s:r, " the buiiding should qualif.! for the credit. . Go to QU6:rtion 8. <br />'q"no, "go to Question 6. . _I don't know <br />q "I don't !mow, " contact the state historic preseroation office. <br /> <br />6. Is the building a contributing structure in a National Register historic district or <br />a qualifying ~ooiI historic district? '. _ Yes _ No <br />q "y.s:r, " the building should qualif.! for the credit. Go to Question 8. <br />q "no, " go to Question 7. _ I don't know <br />q eel don't !mow, " contact the state historic preseroation office. <br /> <br />7. If not yet a certified historic structure, is the property eligible to be so <br />designated? . _ Yes _ No <br />q ')&f, " the building may fJUtllif.! for the credit. Go to the next question. <br />q "no, to the buildingflJill not tjztalihforthe'cretiit. ..... _ I don't know <br />q"l don 't !mow, " contact the state historic preservation office. <br /> <br />8. What is the adjusted basis of the l?uilding? <br />Purchase Price $ <br />Less: Amount Attributable to Land $ <br />- Plus: Capital Improvem~nts $ <br />Less: Depreciation Taken $ <br />Adjusted Basis of the Building $ <br />A quick look at your most recent tax return or a call to your accountant may p1'O'Oide <br />this information as well. <br /> <br />"9. What is the proposed budget for the project, including construction, architect, <br />developer, and consultant fees; b~t excluding acquisition, landscaping, and site <br />improvements? $ <br /> <br />10. Does the amount in Question 9 exceed the adjusted basis of the building <br />(Question 8)(. _ Yes _ No <br />If "y.s:r, " the substantial rehabilitation test has been met. <br />q "no," the sultstantial rehabilitation test has not been met and the project must be <br />revised in order to fJUtllif.! for the credit. <br /> <br />11. Is the property your personal residence? <br />If "y.s:r, " the property is not eligible for the credit. <br />If "no, " go to the next question. <br /> <br />_Yes _No <br /> <br />a. <br />Wi <br />