Fla. Hotel Manager Protests $9.7M IRS Adjustment

Law360, Washington (February 4, 2014, 1:21 PM EST) -- A Florida-based hotel management company and its tax matters partner have petitioned the U.S. Tax Court for a readjustment of partnership items in its 2008 taxes, claiming the Internal Revenue Service incorrectly categorized a $9.7 million capital gain stemming from a failed hotel sale as income.

Capital Realty Investors LLC and CRI-Leslie LLC filed a petition on Jan. 24 that alleged the IRS treated $9.7 million the company acquired in forfeited hotel sale deposits as ordinary income, when the tax code states the deposits should have...
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