2nd Circ. Clarifies Property Tax Law For Co-Op Members

Law360, New York (February 7, 2013, 7:54 PM EST) -- The Second Circuit said Thursday that a New York City apartment co-op member possesses the required property interest to claim a tax deduction for her share of the cost of repairing an exterior retaining wall, overturning a U.S. Tax Court decision that found otherwise.

Petitioner Christina Alphonso had, along with other members of the Castle Village Owners Corp., claimed casualty loss deductions on her 2005 tax return for her share of the cost of repairing a retaining wall outside the building that had collapsed. The IRS...
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