Tax News Update    Email this document    Print this document  

November 9, 2022

Tax Court invalidates IRS notice identifying certain syndicated conservation easement transactions as listed transactions

In a case challenging IRS adjustments to charitable deductions from syndicated conservation easement transactions listed in Notice 2017-10 (Green Valley Investors, LLC, et al. v. Commissioner, 159 T.C. No. 5), the Tax Court has "set aside" Notice 2017-10. The court concluded that the IRS improperly issued the guidance "without notice and comment as required under the APA." The court also granted the petitioners' summary judgment motions in part, prohibiting the imposition of accuracy-related penalties under IRC Section 6662A.


Green Valley Investors v. CIR