Accuracy Related Penalty

Pickens Decorative Stone LLC v. Commissioner
T.C. Memo. 2022-22

On March 17, 2022, the Tax Court issued a Memorandum Opinion in the case of Pickens Decorative Stone LLC v. Commissioner (T.C. Memo. 2022-22). The primary issues presented in Pickens Decorative Stone LLC v. Commissioner were (1) whether the taxpayer was entitled to qualified charitable contribution deduction for claimed easement, and (2) whether the IRS revenue agent secured timely supervisory approval from supervisor, as required for imposition of accuracy-related penalties due to substantial understatement of

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Scott St. Amand November 14, 2022
Conservation Easements

Corning Place Ohio LLC v. Commissioner
T.C. Memo. 2022-12

On February 28, 2022, the Tax Court issued a Memorandum Opinion in the case of Corning Place Ohio LLC v. Commissioner (T.C. Memo. 2022-12). The primary issue presented in Corning Place Ohio LLC v. Commissioner was whether the taxpayer and the tax matters partner substantially complied with the reporting requirements necessary to substantiate a conservation easement deduction for the façade of a historic building. Background to Corning Place Ohio LLC v. Commissioner This case involves

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Scott St. Amand May 19, 2022
Penalties Under the Code
Accuracy Related Penalty

Plateau Holdings LLC v. Commissioner
T.C. Memo. 2021-133

On November 30, 2021, the Tax Court issued a Memorandum Opinion in the case of Plateau Holdings LLC v. Commissioner (T.C. Memo. 2021-133). The primary issue presented in Plateau Holdings LLC was whether the 20% accuracy-related penalty applied to the portion of the underpayment not attributable to a valuation misstatement, that is, to the portion of the underpayment resulting from the Tax Court’s conclusion that the petitioner was not entitled to a charitable contribution deduction

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Scott St. Amand April 19, 2022
Conservation Easements

901 South Broadway Limited Partnership v. Commissioner
T.C. Memo. 2021-132

 On November 23, 2021, the Tax Court issued a Memorandum Opinion in the case of 901 South Broadway Limited Partnership v. Commissioner (T.C. Memo. 2021-132). The primary issue presented in 901 South Broadway Limited Partnership was whether a partnership’s gift to a qualified organization satisfied the requirement of IRC § 170(h)(5)(A) that the gift’s conservation purposes must be protected in perpetuity. Held: DO NOT GET CREATIVE WITH CONSERVATION EASEMENTS!!! Background to 901 South Broadway Limited

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Scott St. Amand April 18, 2022
Charitable Contributions

Montgomery-Alabama River LLC v. Commissioner
T.C. Memo. 2021-62

On May 17, 2021, the Tax Court issued a Memorandum Opinion in the case of Montgomery-Alabama River LLC v. Commissioner (T.C. Memo. 2021-62). The primary issue presented in Montgomery-Alabama River LLC v. Commissioner was whether the Tax Court should certify (to the Alabama Supreme Court) the question of whether, under Alabama law, the petitioner would be entitled to the full proceeds of any sale if the easement were extinguished. Basic Legal Framework in Montgomery-Alabama River LLC v.

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Scott St. Amand May 28, 2021
Charitable Contributions

A Deep Dive into Conservation Easements

Conservation Easements have caused quite a bit of a stir at the Tax Court in recent years.  Misunderstandings of the requirements and creativity (and greed) in drafting the easements has led to conservation easements earning a persona non grata status amongst the IRS and Tax Court judges, alike.  In this article, we examine the nuts and bolts of conservation easements and take you on a deep dive of the Code and Treasury Regulations related thereto. Introduction

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Scott St. Amand April 29, 2021
Conservation Easements

Kissling v. Commissioner
T.C. Memo. 2020-153

On November 12, 2020, the Tax Court issued a Memorandum Opinion in the case Kissling v. Commissioner (T.C. Memo. 2020-153). The primary issue before the court in Kissling v. Commissioner was how the Tax Court gauges the marginal effect of an easement in light of local law.

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Scott St. Amand November 12, 2020
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Pickens Decorative Stone LLC v. Commissioner
T.C. Memo. 2022-22

On March 17, 2022, the Tax Court issued a Memorandum Opinion in the case of Pickens Decorative Stone LLC v. Commissioner (T.C. Memo. 2022-22). The primary issues presented in Pickens Decorative Stone LLC v. Commissioner were (1) whether the taxpayer was entitled to qualified charitable contribution deduction for claimed easement,

Read More »
Scott St. Amand November 14, 2022

Corning Place Ohio LLC v. Commissioner
T.C. Memo. 2022-12

On February 28, 2022, the Tax Court issued a Memorandum Opinion in the case of Corning Place Ohio LLC v. Commissioner (T.C. Memo. 2022-12). The primary issue presented in Corning Place Ohio LLC v. Commissioner was whether the taxpayer and the tax matters partner substantially complied with the reporting requirements

Read More »
Scott St. Amand May 19, 2022

Plateau Holdings LLC v. Commissioner
T.C. Memo. 2021-133

On November 30, 2021, the Tax Court issued a Memorandum Opinion in the case of Plateau Holdings LLC v. Commissioner (T.C. Memo. 2021-133). The primary issue presented in Plateau Holdings LLC was whether the 20% accuracy-related penalty applied to the portion of the underpayment not attributable to a valuation misstatement,

Read More »
Scott St. Amand April 19, 2022

Montgomery-Alabama River LLC v. Commissioner
T.C. Memo. 2021-62

On May 17, 2021, the Tax Court issued a Memorandum Opinion in the case of Montgomery-Alabama River LLC v. Commissioner (T.C. Memo. 2021-62). The primary issue presented in Montgomery-Alabama River LLC v. Commissioner was whether the Tax Court should certify (to the Alabama Supreme Court) the question of whether, under Alabama

Read More »
Scott St. Amand May 28, 2021

A Deep Dive into Conservation Easements

Conservation Easements have caused quite a bit of a stir at the Tax Court in recent years.  Misunderstandings of the requirements and creativity (and greed) in drafting the easements has led to conservation easements earning a persona non grata status amongst the IRS and Tax Court judges, alike.  In this article,

Read More »
Scott St. Amand April 29, 2021

Kissling v. Commissioner
T.C. Memo. 2020-153

On November 12, 2020, the Tax Court issued a Memorandum Opinion in the case Kissling v. Commissioner (T.C. Memo. 2020-153). The primary issue before the court in Kissling v. Commissioner was how the Tax Court gauges the marginal effect of an easement in light of local law.

Read More »
Scott St. Amand November 12, 2020