US Court of Appeals Ninth Circuit, No. 13-73234, August 12, 2015: Mortgage subordination at the time of easement gift, not later, required for deduction.
The US Tax Court held in Minnick v. Commissioner (Minnick I), 2012 T.C. Memo 345, December 17, 2012, that Treasury Regulations §1.170A-14(g)(2) requires that, for a taxpayer to take a deduction for the [...]
Idaho Supreme Court, No. 41663, 2015 Opinion No. 1, January 9, 2015: Statute of limitations on malpractice claim for lawyer’s failure to seek mortgage subordination before recording conservation easement runs from when IRS raised issue.
The Minnicks engaged the law firm Hawley Troxell as counsel for a real estate project. As part of the project the Minnicks [...]
Dist. Court, D. Idaho, No. CIV. 1:10-186 WBS, July 8, 2013: Conservation easement deduction fraud penalty dismissed, other issues go to trial.
This decision is on motions for summary judgment (to decide the issues in question without proceeding to a trial about them) in the dispute between the IRS and the Peskys about whether, in light of [...]
U.S. Dist. Court, D. Idaho, No. Civ. 1:10-186 WBS, January 7, 2013: Refuses to dismiss IRS claim for 75% penalty for conservation easement tax fraud.
The Peskys were denied a charitable deduction from income tax for the grant of a conservation easement to The Nature Conservancy (TNC) on land owned by the Peskys, and the IRS imposed [...]
U.S. Tax Court, 2012 T.C. Memo 345, December 17, 2012: Conservation easement deduction denied because mortgage not timely subordinated; 20% penalty upheld.
In 2006, Minnick granted a conservation easement to a land trust on a 74-acre parcel of land near Boise, Idaho. The land was subject to a mortgage that was not subordinated to the conservation easement [...]
Dist. Court, D. Idaho, CIV. 1:10-186 WBS, August 29, 2011: Orders production of landowner’s attorneys’ documents related to appraisal of conservation easement value, in suit by landowner against US.
The Peskys donated a conservation easement to The Nature Conservancy in 2002. The IRS refused their claim for a qualified conservation contribution tax deduction and assessed a deficiency. [...]