Gotham City Corporation 111 Broadway New York, New York 10017
January 21, 2017
TO: Stockholders of Gotham City Corporation
RE: PERSONAL INCOME TAX INFORMATION FOR 2016
Pursuant to the provisions of Section 216 of the Internal Revenue Code, a tenant stockholder of a cooperative housing corporation is entitled to an itemized deduction for a proportionate share of interest and real estate taxes paid or accrued by the housing corporation.
These deductions are available only if you itemize deductions on your personal income tax return. If you owned your shares for less than the period shown above, you must prorate your deductions, otherwise multiply the number of shares owned by you, as indicated on your stock certificate by the amount per share stated below.
*If you have received any real estate tax abatements such as the New York City Co-op and Condo Tax Abatement, School Tax Relief (STAR), Veterans Exemption, Senior Citizen Exemption or the NYC $400 Real Estate Tax Rebate, you must reduce your gross real estate tax deduction by those amounts.
If you have any questions, please consult your tax advisor, we cannot provide tax advice to individual shareholders.
For the calendar year 2016, your Per Share deductions are:
INTEREST $2.3521 per share
*REAL ESTATE TAX/GROSS $29.1236 per share
Assessments for capital improvements constitute contributions to the capital of the corporation and may be added to the basis of your investment. Contributed capital in 2016 was $0 Per Share.
Please retain this letter for future reference.
Please note: this article is not intended to serve as legal or tax advice. You should consult your lawyer and tax attorney for all aspects of your real estate transaction.