Lauren Ostrow and Joseph Teiger - Page 1

                                   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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