Pitney Bowes' $19.3 million investment in an Atlantic City historic rehabilitation wasn't a true partnership and so isn't eligible for federal tax credits, a federal appeals court says.
August 29, 2012 at 01:30 AM
1 minute read
Pitney Bowes’ $19.3 million investment in an Atlantic City historic rehabilitation wasn’t a true partnership and so isn’t eligible for federal tax credits, a federal appeals court says.
The company had “no meaningful stake” in the success or failure of the project, the U.S. Court of Appeals for the Third Circuit ruled Monday in Historical Boardwalk Hall v. Commissioner of Internal Revenue, 11-1832.
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