Wednesday, January 11, 2023

Out here doing the nutsy stuff


Isn't one of their major whines the deficit?  How are they going to pay the nation's bills?  Their own salaries?

...but hey, do what you want...you will anyway.

UPDATE:
After six years of failed efforts by the IRS, Justice Department and lawmakers, new legislation is expected to prevent the worst abuses of a tax-avoidance scheme that has cost the U.S. Treasury billions of dollars.

Tucked into the massive, $1.7 trillion government spending bill signed into law by President Joe Biden on Dec. 29, a provision in the law seems poised to accomplish what thousands of audits, threats of hefty penalties and criminal prosecutions could not: shutting down a booming business in “syndicated conservation easements,” which exploit a charitable tax break that Congress established to preserve open land.

Under standard conservation easements, landowners give up development rights for their acreage, often an appealing, bucolic space. In return, they receive a charitable deduction equal to the property’s development value, and the public benefits by the preservation of the land, which in some cases is made available as a park.

But as ProPublica first described in 2017, aggressive promoters built a lucrative industry through “syndicated” deals. These promoters snatched up idle land (a long-vacant golf course near a trailer park, in one example examined by ProPublica) and hired an appraiser willing to claim that it had huge, previously unrecognized development value.

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