Senate Finance Committee launches investigation, while anti-syndication bill is introduced in the House and Senate
Abusive syndicated easements are bad news, as described in more detail in my December 2017 article here. The Land Trust Alliance and the IRS have
Latest from Law on Purpose
Land Trusts Take Note: Transfer Fees in California Must Provide Direct Benefit to the Property
New California Law Tracks Federal Financing Restrictions on Transfer Fees
Last session, California passed California Civil Code Section 1098.6 prohibiting the creation of new transfer fees effective as of January 1, 2019, unless the fee provides a “direct benefit” to
Tax Court Upholds Amendment Clauses but Continues Attack on Floating Homesites in Conservation Easements
When the Tax Court issued its opinion in Pine Mountain Preserve, LLLP v. Commissioner of Internal Revenue, 151 T.C. 14 (December 27, 2018), the conservation community gave a collective sigh of relief because the court dismissed the IRS’s arguments
Happy New Year’s Tidings for Land Trusts and Other Conservation Advocates
DOJ sues Syndicated Easement Promoters
The Department of Justice has finally filed a civil complaint against certain promoters who have been spearheading syndicated easements to the tune of over $2 billion in claimed federal tax deductions using grossly inflated appraisals.
Three Autumn Cases Deny Golf Course and Syndicated Conservation Easement Tax Deductions
Service Focuses on Conservation Purpose Test and Division of Proceeds Clause in PBBM-Rose Hill, Belair Woods, and Champions Retreat Golf Founders
The IRS has been busy this year challenging conservation easement deductions, particularly conservation easements protecting golf courses and conservation
California Legislature Amends Venerable Conservation Easement Statute: New Civil Code 815.11
Governor Brown signed S.B. 901 into law on September 7. The controversial and lengthy bill is simply entitled “Wildfires,” but has garnered a lot of media attention for what many are calling a utility bailout for the Northern California fires.
IRS Publishes New Gift Substantiation Regulations
Last month, the IRS issued final regulations entitled “Substantiation and Reporting Requirements for Cash and Noncash Charitable Contribution Deductions,” codified as Treasury Regulation Sections 1.170A-15 (cash), -16 (noncash), -17 (qualified appraisals and appraisers), and -18 (clothing and household items).
Denial of Conservation Easement Deduction: Right Result, Puzzling Analysis
Earlier this month, the U.S. Tax Court handed down an oddly reasoned memo opinion rejecting a North Carolina developer’s conservation easement deduction in Wendell Falls Development, LLC v. Commissioner, T.C. Memo 2018-45 (April 4, 2018).
Practitioners in this field
Hobby Lobby Case Highlights Limitations on Charitable Deductions Claimed by Irrevocable Trusts
Green v. U.S., No. 16-6371 (10th Cir., Jan. 12, 2018)
Practitioners and donors often forget a pesky donation limitation that applies only to irrevocable trusts: the deduction for a real property donation is limited to the trust’s adjusted basis in
Abusive Syndications Further Spotlighted by ProPublica and Fortune
If my article on syndicated easement shelters and HR 4459 piqued your interest, please check out “The Billion Dollar Loophole,” an excellent piece of journalism written by Peter Elkind and published by both ProPublica and Fortune yesterday.
In his article,