In the latest victory for taxpayers, the Tax Court determined that the Treasury failed to follow federal law in enacting a conservation easement perpetuity rule known as the “proceeds regulation.” The majority opinion held...more
Judge Batten, Chief United States District Judge for the Northern District of Georgia, handed down lengthy sentences in the first-of-its-kind criminal trial related to syndicated conservation easements (“SCEs”). On January...more
1/22/2024
/ Conservation Easements ,
CPAs ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Fraud ,
Government Investigations ,
Internal Revenue Code (IRC) ,
Investment ,
IRS ,
SCE ,
Tax Deductions ,
Tax Liability
The first criminal prosecution of syndicated conservation easement promoters began on July 18, 2023, with the government laying out its case against defendants Jack Fisher, James Sinnott, and Clayton Weibel. A Department of...more
Polsinelli’s Government Investigations and Tax attorneys continue to follow the well-known Fisher case, the Department of Justice’s ("DOJ") first criminal indictment related to syndicated conservation easements. Walter...more
5/25/2023
/ Appraisal ,
Capital Investments ,
Conservation Easements ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Government Investigations ,
Guilty Pleas ,
Indictments ,
Investment Funds ,
IRS ,
Tax Deductions ,
Tax Fraud ,
Tax Shelters
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
1/12/2023
/ Charitable Donations ,
Conservation Easements ,
Federal Budget ,
Internal Revenue Code (IRC) ,
IRS ,
Pass-Through Entities ,
Regulatory Reform ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Reform
Less than a month after the heavily followed Green Valley Investors, LLC, et al., decision, the IRS issued proposed regulations to identify certain syndicated conservation easement transactions as listed transactions – this...more
12/21/2022
/ Administrative Procedure Act ,
Comment Period ,
Conservation Easements ,
Income Taxes ,
IRS ,
Proposed Regulation ,
Rulemaking Process ,
Tax Court ,
Tax Reform ,
Tax Shelters ,
Transaction Reporting
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
11/16/2022
/ Administrative Procedure Act ,
Charitable Deductions ,
Conservation Easements ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Investment ,
IRS ,
Partnerships ,
Tax Avoidance ,
Tax Court ,
Tax Deductions ,
Tax Penalties ,
Tax Planning
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
On September 21, 2022, the New York State Attorney General Tish James filed a civil lawsuit against former President Donald Trump and the Trump organization alleging fraud and misrepresentation. The Complaint described a...more
9/28/2022
/ Asset Valuations ,
Charitable Deductions ,
Conservation Easements ,
Department of Justice (DOJ) ,
Donald Trump ,
Government Investigations ,
High Net-Worth ,
Income Taxes ,
IRS ,
Misrepresentation ,
New York ,
Tax Deductions ,
Tax Fraud ,
Tax Shelters
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