The IRS, after losing several court cases, is proposing new rules to police land-rights tax deals
by the Sixth U.S. Circuit Court of Appeals. The tax court said that the 2016 IRS requirement didn’t follow the required formal procedures for regulations, including public notice and opportunity for comment.
Deal promoters say that they are conserving ecologically sensitive land as Congress intended. They have been able to defeat some IRS arguments about deed requirements and valuation techniques in court cases, though the IRS also has notched victories.Catch up on the headlines, understand the news and make better decisions, free in your inbox every day.The 2016 notice applied to deals where the claimed deduction was at least 2.5 times the original investment.
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