Ostrow v. Comm'r
United States Tax Court
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.
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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.,…
1Opinion of the Court
Colvin, Judge:
Respondent determined a deficiency in petitioners’ 2001 Federal income tax of $3,698.
Petitioner wife was a tenant-stockholder in a cooperative housing corporation. After concessions, the sole issue for decision is whether a deduction allowed under section 216(a)(1) for petitioner wife’s share of the real estate taxes paid by a cooperative housing corporation reduces alternative minimum taxable income.1 We hold that it does not.
Section references are to the Internal Revenue Code in effect for the year in issue. Rule references are to the Tax Court Rules of Practice and Procedure.
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2Cases cited11 opinions
- Consumer Product Safety Commission v. GTE Sylvania, Inc.Supreme Court of the United States · 1980
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Commissioner v. BilderSupreme Court of the United States · 1962
- Bowles v. Glick Bros. Lumber Co.Court of Appeals for the Ninth Circuit · 1945
- Commissioner of Internal Revenue v. Robert M. And Sally L. Bilder. Robert M. And Sally L. Bilder v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1961
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3Cited by2 opinions
- Lauren Ostrow and Joseph Teiger v. CommissionerUnited States Tax Court · 2004
- Ostrow v. Comm'rUnited States Tax Court · 2004