The Wall Street Journal reported yesterday that the IRS has been taking golf course owners to Federal Court over their use of environmental conservation-related tax breaks.
The IRS won vindication last month when Judge Thomas Wells of the U.S. Tax Court ruled that “patches of native vegetation and wildlife” don’t justify seven-figure tax breaks, punching a hole in one club’s tax strategy.
The IRS has not won many of these cases in the last decade, but this latest victory has some tax planners thinking that agents will now sharpen their resolve. Read the full WSJ story here.
Have any Northeast Ohio golf courses taken a crack at using the “enviro-loopholes” in the tax code to save some cash?
If so, will the IRS find those deductions and push back?
Stay tuned…
