3d Circuit Reverses Tax Court in Atlantic City Historic Rehabilitation Tax Credit Case

The Third Circuit on Monday reversed the Tax Court (136 T.C. No. 1 (2011)) and held that Pitney Bowes Inc., a private equity investor in the Historic Boardwalk Hall partnership that was used to rehabilitate the Atlantic City landmark of the same name, was not a bona fide partner and thus could not claim federal historic rehabilitation tax credits. Historic Boardwalk Hall LLC. v. Commissioner, No. 11-1832 (3d Cir. Aug. 27, 2012). (Hat Tip: Jeffrey Davis.)