Tax Court: Co-op Owner Cannot Deduct Casualty Losses

The Tax Court, in a reviewed opinion by Judge Chiechi, finds that a shareholder in a cooperative housing corporation may not deduct losses incurred by the co-op and distributed among the shareholders under section 165(c)(3) or section 216(a).

Read the opinion here.
Alphonso v. Commissioner, 136 T.C. No. 11 (2011)

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