Section 20 Capital Gain Exclusion From the Sale of Low-Income Housing Project

• Library: Tax Law 2009

Under § 135.357, RSMo 2000, the Missouri income tax does not apply to “a portion of the capital gain” from the sale of a “low-income project subsidized by the federal Department of Housing and Urban Development” if the project is sold to “a nonprofit or governmental organization” that has agreed to preserve or increase the low-income occupancy of the project. See § 143.121.3(f), RSMo Supp. 2007. A copy of federal Form 4797, available at www.irs.gov/pub/irs-pdf/f4797.pdf, must be included with the Missouri...