adjusted qualifying income

(5) Adjusted qualifying income; modified adjusted gross income (A) Adjusted qualifying income For purposes of paragraph (4), the term “adjusted qualifying income” means the product of— (i) the highest family income which (as of the date the financing was provided) would have met the requirements of subsection (f) with respect to the residents, and (ii) 1.05 to the nth power where “n” equals the number of full years during the period beginning on the date the financing was provided and ending on the date of the disposition. For purposes of clause (i), highest family income shall be determined without regard to subsection (f)(3)(A) and on the basis of the number of members of the taxpayer’s family as of the date of the disposition. (B) Modified adjusted gross income For purposes of paragraph (4), the term “modified adjusted gross income” means adjusted gross income— (i) increased by the amount of interest received or accrued by the taxpayer during the taxable year which is excluded from gross income under section 103, and (ii) decreased by the amount of gain (if any) included in gross income of the taxpayer by reason of the disposition to which this subsection applies.

Source

26 USC § 143(m)(5)

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Scoping language

None identified, default scope is assumed to be the parent (subpart A) of this section.

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