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How much of a taxpayers claimed deduction for having participated in a transaction described in Notice 2004-41 will be disallowed under this initiative?

April 26, 2017claimed deduction Notice participated taxpayer transaction

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How much of a taxpayers claimed deduction for having participated in a transaction described in Notice 2004-41 will be disallowed under this initiative?

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A.1 Under the initiative, the entire amount of the claimed deduction will be disallowed, including any losses related to the disposition of related state tax credits.