IRS Proposes Reporting Rule for Conservation Tax Break Actors

The IRS formally proposed Tuesday a reporting requirement tied to a conservation tax break after multiple courts ruled that an existing requirement should be set aside because it wasn’t created properly.

The proposed regulations come after a Nov. 9 US Tax Court ruling in Green Valley Investors, LLC v. Commissioner that IRS Notice 2017-10 should be set aside because it didn’t go through a process under the Administrative Procedure Act in which agencies propose regulations and take in public comments before finalizing them.

Soon after, an Ohio federal court came to the same conclusion, citing to ...