122 T.C. No. 21
UNITED STATES TAX COURT
LAUREN OSTROW AND JOSEPH TEIGER, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 6325-03. Filed May 21, 2004.
Petitioner wife was a tenant-stockholder in a
cooperative housing corporation. Tenant-stockholders
may deduct their proportionate share of real estate
taxes paid by a cooperative housing corporation of
which they are stockholders. Sec. 216(a)(1), I.R.C.
Petitioner wife’s proportionate share of real
estate taxes paid by the cooperative housing
corporation was $10,489. Petitioners deducted $10,489
(1) from adjusted gross income for regular tax purposes
and (2) in computing alternative minimum taxable income
for alternative minimum tax purposes.
Held: A deduction under sec. 216(a)(1), I.R.C.,
does not reduce alternative minimum taxable income.
Ira Z. Kevelson, for petitioners.
Frank J. Jackson, for respondent.
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