A company that took steps to preserve a historic building in downtown Philadelphia is challenging in court almost $12 million in taxes and penalties levied by the IRS.
An affiliate of Keystone Property Group LLC petitioned the US Tax Court to contest what the IRS claims is a $9.8 million underpayment plus another $1.9 million in penalties for 2019. The IRS said the company didn’t prove Keystone’s claimed $26.5 million charitable contribution deduction for its preservation efforts met the requirements of the tax code.
The partnership claimed the tax deduction for donating a conservation easement over the former corporate headquarters ...
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