Corning Place Ohio, LLC v. Commissioner
About This Legal Opinion
The Tax Court held that the proceeds provision here was distinguishable from that in Carroll, because it called for using the values known at the time of the recording based on the appraised value, and not the amount that was ultimately deemed to be deductible. Thus, even if the deduction was eventually found to be zero, the proportionate share owed to the holder in the event of termination would match the original amount claimed on the tax return.
November 2025 Update: The Sixth Circuit affirmed the Tax Court in all respects including valuation.
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