Federal Tax

Cooperative and Condominium Apartments (Portfolio 596)

  • This Portfolio examines the federal income tax consequences of the two principal forms of individual equity ownership in a residential unit in a larger development.

Description

Bloomberg Tax Portfolio, Cooperative and Condominium Apartments, No. 596, treats the federal income tax consequences of the two principal forms of individual equity ownership in a residential unit in a larger development — the cooperative unit and the condominium unit. Although the more common situation is that of an apartment in a multi-unit structure, the same rules apply where the individual units are one-family dwellings, townhouses, garden apartments, or any combination.

This Portfolio deals with the federal income tax consequences of each of these two very different forms of ownership — cooperatives and condominiums — from three different points of view: (1) that of the owner of an individual unit; (2) that of the entity (i.e., the cooperative housing corporation or the condominium management association); and (3) that of the owner of real estate who wishes to establish a regime of either type. In those instances where there is a scarcity of authority on an important point, an analytical discussion is provided so as to provide the reader with at least some guidance. In some cases, the legislative history provides the only clues and accordingly is examined in

Table of Contents

I.Introduction
II.Introductory Material
III. Taxation of Cooperative Apartment Owner While Owner
Introductory Material
IV. Introductory Material
V.Introductory Material
VI.Introductory Material
VII. Qualification as “Cooperative Housing Corporation”

Joel Miller
Joel Miller
Miller & Miller LLP
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