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A partnership is not entitled to a $6.6 million deduction related to the donation of a New York City building's facade easement and unused development rights because the building was subject to a mortgage that gave a bank priority to condemnation and insurance proceeds, the U.S. Tax Court holds. However, the Tax Court finds that 1982 East LLC is not liable for a 20 percent accuracy-related penalty under tax code Section 6662(a) on any tax underpayments that resulted from the disallowance of the deduction.
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