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Shawn P Adamo
Shawn P Adamo, Retired CPA
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Experience:  Retired CPA
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A possible question for "Paul." "In the IRS "Appendix 8B,

Resolved Question:

A possible question for "Paul." "In the IRS "Appendix 8B, General Counsel Memorandum 34613--General Counsel's Analysis of Depreciation Deduction for a Cooperative or
Condominium Association and Clarification of Revenue Ruling 70-604" it
says on page 3 of 7 under the heading "ANALYSIS": "It is the position of this office that a cooperative housing corporation is not entitled to a depreciation deduction on the
building, first because it does not have sufficient economic interest in the building to entitle it to a depreciation deduction, and second because it does not hold the building for use in a trade or business or for the production of income for purposes of section 167 (a)."

My question is: "What are the ramifications tax-wise, etc if a cooperative housing corporation does use depreciation as depreciation deduction?"
Submitted: 2 years ago.
Category: Tax
Expert:  Rachel-Mod replied 2 years ago.

Hi, I’m a moderator for this topic and I wonder whether you’re still waiting for an answer. If you are, please let me know and I will do my best to find an Expert to assist you right away. If not, feel free to let me know and I will cancel this question for you. Thank you!

Customer: replied 2 years ago.
Dear Moderator

Yes, I'm still waiting for an answer. How about Paul for an answer?
Customer: replied 2 years ago.
Dear Moderator

The "Paul" is PaulMJD
Expert:  Rachel-Mod replied 2 years ago.

Sometimes, finding the right Expert can take a little longer than expected and we thank you greatly for your understanding. We’ll be in touch again shortly

Expert:  Shawn P Adamo replied 2 years ago.

Hello. My specialty is focusing on YOUR Financial needs. Financial Planner/Business Owner for 20 years. CPA,PFS,QFP,GMMA.

 

I realize that you have asked for Paul. However in an attempt to respond quickly and accurately I would be more than willing to provide an answer.

 

I simply need to know if you will ONLY deal with Paul.

Customer: replied 2 years ago.
Shawn, I believe you would be fine and look forward to your answer(s).
Expert:  Shawn P Adamo replied 2 years ago.

 

This is the freal world scenario, not a theoretical one:

 

The best scenario is that the cooperative housing corporation takes the depreciation and there is never an audit and it simply goes through. Times passes and there are no issues.

 

The more realistic scenario is the the cooperative housing corporation TAKES the depreciation expense, it gets flagged by the IRS and the return is adjusted, interest imposed.

 

There any even be a penalty by the IRS if a tax professional files the return. The IRS will say that preparer should have known better. The return prepares would be liable for interest and penalty, the association just the tax that should have been paid.

 

If other than a tax preparer prepares the return stupidity is the claim. Then there should only be the original taxes due plus interest.

 

 

If this does not answer your question please let me know. Also let me know if you have additional questions. If you understand my answer and have no more questions, please ACCEPT and leave positive feedback (if so inclined). Thank you.

Shawn P Adamo, Retired CPA
Category: Tax
Satisfied Customers: 1277
Experience: Retired CPA
Shawn P Adamo and 5 other Tax Specialists are ready to help you
Expert:  Shawn P Adamo replied 2 years ago.

thx

 

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