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Recent Editions
Accountancy Slice
North America
The IRS has gained specific authority to tackle syndicated conservation easements that are deemed abusive. Initially, the IRS faced legal challenges regarding the adoption of guidance for these easements. While the Tax Court initially supported the IRS's position, the 11th Circuit reversed it, stating that the IRS failed to meet the requirements of the Administrative Procedures Act (APA). In response, the IRS has shifted its guidance to proposed regulations that comply with the APA. Legislation has also been enacted to limit losses claimed on syndicated conservation easements. The recent Tax Court decision in the Valley Park Ranch case has reversed the IRS's previous position, potentially causing trouble for the IRS in all circuits. Looking ahead, the IRS can continue revising its regulations, aided by reporting requirements, to identify abusive easements.
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