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Consolidated Edison announces 2009 tax deductions decision reversed

On January 9, the United States Court of Appeals for the Federal Circuit issued a decision disallowing tax deductions claimed by Consolidated Edison relating to a 1997 transaction in which Consolidated Edison Development leased property and then immediately subleased it back to the lessor. This decision reverses an October 2009 decision of the United States Court of Federal Claims in favor of the company.