Monthly Archives: June 2020
Conservation Easement Partnerships
June 26, 2020
by Monte A. Jackel
The IRS recently publicly disclosed a settlement offer to conservation easement partnerships. The announcement disclosed the general terms of the offer. Among the terms was that all partners have to agree, the deduction is disallowed, penalties are imposed but the investor partners can write off the acquisition cost of the investment. See https://www.linkedin.com/feed/update/urn:li:activity:6682239236176982016/. There are […]
Read MoreProposed Section 1031 Real Property Regulations Contain A Glitch
June 12, 2020
by Monte A. Jackel
The IRS recently proposed regulations relating to the definition of real property for purposes of section 1031. https://www.federalregister.gov/documents/2020/06/12/2020-11530/statutory-limitations-on-like-kind-exchanges. These proposed regulations state that a number of regulations under section 1031 will no longer apply unless the exchange involves a qualifying exchange of real property. Among those listed final regulations are reg. sec. 1.1031(d)-2, dealing with […]
Read MoreGrantor Trust Ownership Again
June 5, 2020
by Monte A. Jackel
The IRS very recently expressed its view that changes in the ownership percentages of investors in a multiple owner grantor trust were sales and purchases for federal tax purposes. In Rev. Proc. 2020-34 https://www.irs.gov/pub/irs-drop/rp-20-34.pdf, the IRS provided safe harbors for an entity titled a statutory trust under Delaware law from being treated as having the […]
Read MoreDisguised Sales and the Centralized Partnership Audit Regime
June 3, 2020
by Monte A. Jackel
I posted this recently in the Procedurally Taxing blog. https://procedurallytaxing.com/disguised-sales-to-partnerships-bba-centralized-audits-and-due-process/. It deals with disguised sales to partnerships, the BBA centralized partnership audit regime, whether the selling partner’s gain is part of the imputed underpayment, and the due process issue raised if the selling partner is separately audited on the sales gain which is not treated […]
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