May 24, 2019
The D.C. Circuit on Friday said real estate developer Stephen M. Ross and his partners could not deduct $33 million for land donated to the University of Michigan in 2003 and sustained a 40% penalty.
September 07, 2018
A real estate partnership asked the D.C. Circuit to reverse a U.S. Tax Court decision that prevented it from taking a deduction for the charitable donation of a $33 million land gift, arguing the business entity acted reasonably and the government failed to satisfy its burden of proof.
July 24, 2018
The U.S. Tax Court rightly disallowed a charitable contribution deduction exceeding $33 million by now-dissolved real estate partnership RERI Holdings I, the IRS recently told the D.C. Circuit, saying that the inflated deduction, for a land donation, was part of a larger scheme of deduction claims.