Most Recent Posts
Low Income Housing Tax Credit Enriching Private Interests At Expense Of Common Good
The trend of limited partner investors attempting to thwart the ability of nonprofit general partners from exercising their statutorily defined rights of first refusal in low-income housing tax credit (LIHTC) deals is extremely troubling. Such efforts are regularly contrary to law yet costly for nonprofits to litigate, frustrate congressional intent, violate long-held norms and expectations in the industry, and threaten to jeopardize the ongoing affordability of our already scarce federally-assisted housing stock. Nevertheless, investors see an opportunity for windfall profits and are pouncing
Monetized Installment Sale – IRS Finally Says It Does Not Work
The IRS is aware of this transaction and does not believe it provides the tax benefits being sought. The cited advice permits monetization of an installment note received in a sale of farm property, which are exempted from the pledge rules generally requiring gain recognition upon monetization on an installment obligation.
The Dubious Anonymity Of Virtual Currency Transactions
So if you are looking to hide your financial misdeeds, you should be doing it yourself rather than using exchanges. With Bitcoin, still by far the most popular virtual currency by market capitalization, although not transaction volume, you have to deal with the reality that every transaction ever is preserved in the blockchain and available for anybody to look at.
Michael Jackson’s Estate Mostly Prevails In Valuation Fight With IRS
Round numbers going into trial the disputed assets were valued at $5 million by the Estate and $482 million by the IRS. Judge Holmes at $111 million leaned toward the Estate, but it was not a real blowout. The top estate tax rate in 2009 was 45% so the final check the Estate writes will probably still be, as we say, a number. The notice of deficiency that prompted the petition that got the litigation rolling had much more dramatic adjustments. They totaled over $1.1 billion with image and likeness adjusted upward by $434 million, NHT II by $469 million and NHT III by $58 million.
Boston Tax Institute
Covid-19 forced a radical shift in the BTI model. Lucien Gauthier (Lu) has moved to Zoom and he is not moving back. He was concerned that the interaction with students, many of whom are practitioners with many years of experience would be lost, but it has worked out.
Cecile Barker And Why You Need To Keep Records Longer Than You Thought
So to review the bidding Mr. Barker received a statutory notice of deficiency calling for an additional tax of $1,259,279 and an understatement penalty of $252,090 in September of 2014. Rather than saying “Yeah, whatever” and sending in $1,511,369, he went to Tax Court largely relying on his massive NOL to clean things up. On March 11, 2019 Judge Pugh issues the final decision in which he owes $1,805,924 in Tax and $451,481.13 in late file penalty.
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.
Conservation Appraisers Strike Back At IRS With Class Action Suit
The complaint was filed in the US District Court for the Northern District of Georgia. The most mysterious defendant is the IRS employee known as “Campaign Executive Champion” (CEC) of the “Conservation Tax Force” (CTF). If those named IRS agents are like the Avengers, then CEC is Nick Fury.
Injunction Against Syndicated Conservation Easement Consultant
In particular I would guess there was some uncertainty on the investigators’ part that they could convince a jury that Zak had “willfulness,” as defined for criminal tax cases by the Supreme Court in the Cheek case,