Plasma Center Landlords Can't Escape Tax Hit, Court Says

Law360, Chicago (June 2, 2015, 8:10 PM EDT) -- The U.S. Tax Court on Tuesday upheld a $300,000 tax deficiency levied against the owners of an Ohio-based real estate development company, finding that a $1 million lump sum payment they received from a plasma center that leased space from them counted as rental income.

Michael and Barbara Stough, owners of Stough Development Corp., must report the $1 million payment from Talecris Plasma Resources Inc. as rental income on their 2008 tax return, Senior Judge Robert P. Ruwe said in his opinion, rejecting the couple’s claim that the payment was intended as reimbursement for leasehold improvements at the plasma center....

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