Tax Court Axes Charity Write-Off For Detroit Apartments

Law360, New York (January 27, 2014, 6:43 PM EST) -- The U.S. Tax Court ruled Monday that although a Detroit apartment complex was owned by BSA Corp., the S corporation could not claim the complex's donation as a charitable contribution because the submitted property appraisals suffered “from a number of material deficiencies.”

Judge David Laro ruled that BSA’s claim of a $499,000 charitable contribution to Volunteers of America was correctly denied by the Internal Revenue Service because BSA’s property appraisals were several years outdated, contained misinformation and did not reflect the true condition of the complex,...
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