Several people filed a class action against a group that they say promoted a fraudulent land deal that purportedly had tax benefits but ended up costing the participants money while making millions for the promoters.
The lawsuit, filed in the U.S. District Court for the Northern District of Georgia, pins the individuals against promoters of certain syndicates—a group of partnerships under federal law, but limited liability companies under state law—that held or purchased land.
According to the complaint, the promoters convinced the participants to purchase interests in the syndicates with a plan of claiming tax deductions for donating a ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.