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