New York AG Supports Community Group In Battle With AIG Over Tax Credit Property
The not for profits have been vigorous in making their argument to the public, whereas the investors have saved their arguments for the actual courts, where they are doing well at least at the federal level. It seems like the only people defending them in public are a couple of people that show up in my twitter feed.
Fourth Class Action Suit Against Syndicated Conservation Easement Promoters
The whole SCE industry is based on a theory that I find preposterous, but I believe many people seriously embrace. The theory is that when property is being valued for conservation easement purposes, due to the perpetuity, the valuation is somehow dethatched from the current market for similar property. The emphasis on highest and best use ends up being fantastical. The market for undeveloped land is imperfect, but it is not filled with stupid people.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.