Senate Finance Committee Begins Investigation of Abusive Conservation Easement Appraisals
an investigation into the potential abuse of syndicated conservation easement transactions, which may have allowed some taxpayers to profit from gaming the tax code and deprived the federal government of billions of dollars in revenue. For several years now, the IRS has been investigating these transactions.
They appear to involve promoters selling interests in tracts of land to taxpayers looking for large tax deductions. In such an arrangement, the taxpayers then get inflated appraisals of those tracts of land and grant conservation easements on that land. The resulting inflated charitable deductions are then split among the taxpayers."
The SFC sent letters to 14 "individuals who appear to be associated with these investor groups that might have unfairly profited from conservation easements." The names are listed on the press release.
If you have a tax issue, contact Wilson Tax Law 949-397-2292.