Senate Probe Boosts Effort to Rein in Land Tax Shelters (3)

Tax-advantaged land deals known as syndicated conservation easements are set up solely for tax avoidance and will continue to cost the government billions in lost revenue if allowed in their current form, a Senate Finance Committee investigation found.

A bipartisan report, released Tuesday, compared the deals to inserting a dollar into a vending machine and getting two back. It sets the stage for Congress to pass legislation to stop abusive versions of these transactions, which have been under IRS scrutiny for years.

“The abuse of the charitable conservation easement tax incentive must be put to an end,” said Sen. ...