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Tax Planning Conservation Easements

Polsinelli

Bare Knuckle Conservation Easement Brawl Leaves Participants in Limbo

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Two recent tax court cases paint an ominous picture for professionals and investors who participated in listed syndicated conservation easement transactions. Coming on the heels of the Fisher conviction and his lengthy...more

Polsinelli

Conservation Easements: Palpable Fraud or Honest Mistakes? A Federal Jury Returns a Split Verdict

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On September 22, 2023 a federal jury convicted two promoters, CPA Jack Fisher and attorney James Sinnott, in the Department of Justice’s (“DOJ”) first criminal trial over allegedly abusive syndicated conservation easements...more

Freeman Law

Tax Court in Brief | Cattail Holdings, LLC v. Comm’r | Conservation Easement “Protected in Perpetuity” and Supervisory Approval of...

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Summary: In September 2016 Dolomite Holdings 251, LLC (Dolomite), acquired a 723-acre tract of land in Virginia. On November 28, 2017, Dolomite contributed 207 acres of this tract (Property) to Cattail in exchange for a 100%...more

Polsinelli

$1.7 Trillion Spending Bill Drops the Hammer on Conservation Easements

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Only months after the U.S. Tax Court and the 6th Circuit Court of Appeals ruled that the IRS failed to adhere to the Administrative Procedures Act when it promulgated Notice 2017-10 and designated most Syndicated Conservation...more

Freeman Law

Correction to APA Non-Compliance | IRS Issues Proposed Regulations for Syndicated Conservation Easements

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On December 6th, the IRS proposed regulations (and comment period for same) that would require participants and promoters of syndicated conservation easement transactions to make certain disclosures relating conservation...more

Freeman Law

Tax Court in Brief | Green Valley Investors v. Comm’r (consolidated) | Notice 2017-10 Deemed Improperly Issued; Syndicated...

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Tax Litigation: The Week of November 7th, 2022, through November 11th, 2022 Fields v. Comm’r, T.C. Summary Opinion 2022-22 | November 10, 2022 | Panuthos, Special Trial J. | Dkt. No. 2925-20S (IRS Automated Underreporter,...more

Polsinelli

Big Win for Investors Facing Listed Transaction Penalties for Conservation Easements

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On November 9, 2022, in a 15-2 decision, the Tax Court held that the IRS improperly issued Notice 2017-10 in Green Valley Investors, LLC, et al. v. Commissioner of Internal Revenue, 159 T.C. No. 5. The Notice designated...more

Polsinelli

SCOTUS Could Vacate Conservation Easement Regulations

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As the IRS and the Department of Justice continue to focus enforcement efforts on conservation easements, the Supreme Court has been asked to settle a dispute regarding the validity of the “protected in perpetuity”...more

Pullman & Comley - For What It May Be Worth

Valuation of Conservation Easement Determined by U.S. Tax Court

A trial before the United States Tax Court recently determined the value of a conservation easement imposed on a Georgia golf course which was being contested by the Internal Revenue Service. Relying on the “before and after”...more

Polsinelli

The DOJ and IRS Focus Enforcement on Syndicated Conservation Easements

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Earlier this year, the Department of Justice filed the first criminal indictment of promoters, appraisers and accountants connected to an alleged scheme to create syndicated conservation easements. The move followed increased...more

Freeman Law

Tax Court in Brief | Sparta Pink Property, LLC v. Comm’r | Conservation Easement and Additional Fodder for Circuit Split

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Tax Litigation: The Week of August 29th, 2022, through September 2nd, 2022 Domdom v. Comm’r, T.C. Summary Opinion 2022-17 | August 30, 2022 | Carluzzo, J. | Dkt. No. 18270-17S Pressman v. Comm’r, T.C. Summ. Op. 2022-15 |...more

Freeman Law

Tax Court in Brief | Thompson v. Commissioner | Conservation Easements: Donor Improvement Carve-Outs and Supervisory Approval for...

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Tax Litigation: The Week of July 18th, 2022, through July 22nd, 2022 Pettennude v. Comm’r, T.C. Memo. 2022-79 | July 18, 2022 | Buch, J. | Dkt. No. 636-21L Gonzalez v. Comm’r, T.C. Summary Opinion 2022-13 | July 18, 2022 |...more

Freeman Law

Syndicated Conservation Easements — National News Coverage and IRS Scrutiny Continues

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On May 2, 2022, the Wall Street Journal published two detailed articles authored by Richard Rubin on the subject of syndicated conservation easements: Conservation Tax-Break Deals Keep Flowing Despite IRS Crackdown (WSJ...more

Freeman Law

Tax Court in Brief | Oxbow Bend, LLC v. Comm’r | Conservation Easement and “Initial Determination” of Penalties

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Tax Litigation: The Week of March 21, 2022, through March 25, 2022 Oxbow Bend, LLC v. Comm’r, T.C. Memo. 2022-23 | March 21, 2022 |Lauber, J. | Dkt. No. 12718-19 Short Summary: This case involves a charitable contribution...more

Freeman Law

Tax Court in Brief | Pickens Decorative Stone, LLC v. Comm’r | Syndicated Conservation Easement and “In Perpetuity”

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Tax Litigation: The Week of March 14, 2022, through March 18, 2022 Hamilton v. Comm’r, T.C. Memo. 2022-21 | March 15, 2022 |Urda, J. | Dkt. No. 139-19L AptarGroup, Inc. v. Comm’r, 158 T.C. No. 4 | March 16, 2022 |Goeke, J. |...more

Freeman Law

Tomato, Toma-toe: IRS’s Imperfect Designation of “Immediate Supervisor” Deemed Insufficient to Overturn Penalties Under Code...

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Section 6751(b)(1) of the Internal Revenue Code provides that “[n]o penalty under this title shall be assessed unless the initial determination of such assessment is personally approved (in writing) by the immediate...more

Freeman Law

Syndicated Conservation Easements (and Other Tax Schemes) Beware

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Syndicated Conservation Easements - In an IRS news release of January 17, 2022, the IRS’s Office of Chief Counsel announced that plans to hire up to 200 additional attorneys “to help the agency combat syndicated...more

Freeman Law

The Art of an IRS APA Defense: Conservation Easements and Hewitt

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Good tax attorneys will do whatever it ethically takes to win on behalf of their clients.  Often, this means the attorney must not only have a good understanding of the substantive provisions at play, but also relevant...more

Freeman Law

The IRS’s Dirty Dozen Tax Schemes—Installment Four

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The IRS recently concluded its 2021 four-part series of the “Dirty Dozen” tax-related scams. The fourth installment focuses on what the Service refers to as “schemes peddled by tax promoters, including syndicated...more

Oberheiden P.C.

Eleven of the IRS's Enforcement Priorities During the 2021 Tax Season

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It is tax season once again. While the Internal Revenue Service (IRS) has extended this year’s filing deadline to May 17, 2021 for individuals, businesses must still file by April 15, and all U.S. taxpayers must ensure that...more

Freeman Law

[Webinar] Freeman Law Legal and Tax Update - October 27th, 3:00 pm CT

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As businesses face unprecedented challenges, our legal team is here with insights and guidance. Join us as we discuss important developments during these unique times, and bring you up to speed on current initiatives. During...more

Robins Kaplan LLP

Conservation Easement Deductions: How Recent Tax Law Developments Have Created A New Area of Legal Malpractice Litigation

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The IRS Has Recently Embarked On A Recent Change In How It Enforces The Requirements For Conservation Easement Deductions. ...more

Fox Rothschild LLP

IRS Continues Pressure On Syndicated Conservation Easements

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The Internal Revenue Service is urging taxpayers involved in syndicated conservation easement transactions to consult with their tax advisors following a recent U.S. Tax Court decision. The IRS also plans to continue...more

Fox Rothschild LLP

IRS Steps Up The Pressure On Abusive Syndicated Conservation Easements

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The Internal Revenue Service announced today a significant increase in enforcement actions for syndicated conservation easement transactions, a priority compliance area. According to the announcement, coordinated audits are...more

Burr & Forman

Conservation Easements: Building Envelopes Doom Donation

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The Tax Court recently issued a full T.C. opinion which will impact a tremendous number of conservation easement donations. In Pine Mountain Preserve, LLLP v. Commissioner, 151 T.C. 4 (2018) the Tax Court found a reservation...more

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