An Atypical Casualty Loss Case: Tax Law, Co-ops, and Gardens.


This piece summarizes a recent Second Circuit case on the ability of a co-op owner to claim a casualty loss when assessed to pay damage incurred to the grounds of her apartment complex. The decision is very narrow; if you own a co-op or serve on a co-op board, it is worth re-examining the language used in leases with shareholder tenants.

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Published In: Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© James R. Malone, Jr., MALONE LLC | Attorney Advertising

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