December 7, 2022
Proposed regulations identify syndicated conservation easement transactions as listed transactions
The IRS has issued proposed regulations (REG-106134-22) identifying certain syndicated conservation easement transactions as listed transactions. Material advisers and certain participants in these transactions must file disclosures with the IRS. The new guidance proposes to exclude qualified organizations from being treated as participants or parties to a prohibited tax shelter transaction subject to excise tax, but also requests comments on whether this exclusion should carry over to the final regulations. Comments are due by February 6 and a public hearing is scheduled for March 1, 2023. A Tax Alert is forthcoming.