Ostrow v. Commissioner of Internal Revenue

122 T.C. 378 (2004)

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Ostrow v. Commissioner of Internal Revenue

United States Tax Court
122 T.C. 378 (2004)

DD

Facts

Lauren Ostrow (plaintiff) was a tenant-stockholder in a cooperative-housing corporation. Because Ostrow owned stock in the cooperative-housing corporation, she was entitled to reside in a property owned by the corporation. In calculating her regular income tax, Ostrow deducted $10,489. This amount represented her proportionate share of real estate taxes paid by the cooperative-housing corporation. Ostrow also deducted this amount in computing her alternative minimum taxable income (AMTI). The Internal Revenue Service (IRS) (defendant) determined that the $10,489 deduction was not allowed for AMTI purposes. Ostrow challenged the IRS’s determination in the United States Tax Court.

Rule of Law

Issue

Holding and Reasoning (Colvin, J.)

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