Averyt v. Commissioner

US Tax Court, 2012 TC Memo 198, July 16, 2012: Conservation Easement wording meets tax tests for contemporaneous written acknowledgment of gift.

The taxpayers made a donation of a conservation easement to a qualified conservation organization through a limited liability company, CMT. The donee sent a letter acknowledging the gift. The letter was timely, but did not, [...]

Kaufman v. Commissioner (Kaufman III)

US Court of Appeals 1st Circuit, Nos. 11-2017, 11-2022, July 19, 2012: Kaufman II overturned; mortgagees may reserve insurance proceeds; remand for valuation.

The First Circuit vacated the Tax Court decision in Kaufman II (except on the uncontested issues of deductibility of cash contributions and accuracy-related penalty associated with the cash contribution claim) and remanded the case [...]

In Re Creekside Senior Apartments, LP

US Bankruptcy Appellate Panel, 6th Circuit, No. 11-8072, June 29, 2012: Tax credits and reductions in real estate taxes relevant in valuing real property for bankruptcy.

The Debtors in the bankruptcy case own several apartment properties that have the benefit of federal low-income housing tax credits. The lower bankruptcy court determined the fair market value of the [...]