In the late 1990s, former Atlanta Braves players John Smoltz and Ryan Klesko formed Big K Farms (“Big K”), a partnership that, over the years, acquired approximately 1,500 acres of land in Georgia for around $4 million. From...more
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
Two recent tax court cases paint an ominous picture for professionals and investors who participated in listed syndicated conservation easement transactions. Coming on the heels of the Fisher conviction and his lengthy...more
3/7/2024
/ Appraisal ,
Charitable Donations ,
Conservation Easements ,
Fair Market Value ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Tax Court ,
Tax Deductions ,
Tax Fraud ,
Tax Liability ,
Tax Planning
Following our initial reaction to the Internal Revenue Service's strategic operating plan to spend $80B in funding allocated from the Inflation Reduction Act, Polsinelli’s Tax attorneys continue to monitor the IRS’ compliance...more
On August 4, 2023, the IRS published proposed regulations that, if finalized, would identify monetized installment sale transactions as a listed transaction. Sellers, intermediaries and other involved parties would be...more
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
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
On October 19, 2022, the Internal Revenue Service (“Service”) issued news release IR-2022-183, which was intended to warn employers using third-party promoters of Employee Retention Tax Credits (“ERTCs”). ERTCs were created...more
On August 7, 2022, the Senate passed the Inflation Reduction Act of 2022 (H.R. 5376) (the “Act”). The announced goal of the Act is to create an economic initiative to address various climate protection initiatives. In...more
8/12/2022
/ Biden Administration ,
Corporate Taxes ,
Excise Tax ,
Federal Funding ,
Internal Revenue Code (IRC) ,
IRS ,
Pending Legislation ,
Regulatory Agenda ,
Tax Credits ,
Tax Deductions ,
Tax Reform
In April 2021, President Biden announced the “American Families Plan,” which included some significant tax law changes. On May 28, 2021, the United State Department of Treasury issued a report entitled “General Explanation of...more
9/22/2021
/ Biden Administration ,
C-Corporation ,
Capital Gains Tax ,
Carried Interest Tax Rates ,
Corporate Taxes ,
High Net-Worth ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Like Kind Exchanges ,
Proposed Legislation ,
Tax Deductions ,
Tax Planning ,
Tax Reform ,
Ways and Means Committee
In April 2021, President Biden announced the “American Families Plan,” which included some significant tax law changes. Among the proposed changes included in the “American Families Plan” was the increase of the tax rate that...more
6/8/2021
/ Biden Administration ,
C-Corporation ,
Capital Gains Tax ,
Estate Planning ,
Internal Revenue Code (IRC) ,
IRS ,
Legislative Agendas ,
Like Kind Exchanges ,
Real Estate Transactions ,
Section 1031 Exchange ,
Tax Deferral ,
Tax Planning ,
Tax Rates ,
Tax Reform
This update to our Tax Alert on Nov. 2nd describes additional key provisions in the “Tax Cuts and Jobs Act” (H.R. 1), released by the Chairman of the House Ways and Means Committee on Nov. 2nd, as well as the Chairman’s...more
11/8/2017
/ Compensation & Benefits ,
Deferred Compensation ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Legislative Agendas ,
Repeal ,
Section 409A ,
Tax Code ,
Tax Planning ,
Tax Reform ,
Trump Administration
Recent amendments to the Internal Revenue Code of 1986 (the Code) have significantly expanded the opportunity for tax savings under Section 1202. Section 1202, which was originally added to the Code in 1993, provides relief...more
6/29/2016
/ Alternative Minimum Tax ,
Capital Gains ,
Gain Exclusion ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Protecting Americans from Tax Hikes (PATH) Act ,
Qualified Small Business Stock ,
Small Business ,
Stock Purchase Agreement ,
Stocks
On July 23, 2015, the Internal Revenue Service (“IRS”) issued a Notice of Proposed Rulemaking (the “Notice”) which proposed Treasury regulations under Section 707(a)(2)(A) of the Internal Revenue Code of 1986, as amended (the...more