Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast April 16, 2018, edition   Listen as Lynn Nichols provides commentary on 6 Items pertaining to current developments in U.S. tax law. This week’s topics include: OUR PROGRAM THIS WEEK INCLUDES . . . . . . Partnership Denied $1.8 Million Deduction for Easement Donation The Tax Court, declining to impose a penalty, held that a land development partnership wasn’t entitled to a $1.8 million charitable contribution deduction for the donation of a conservation easement, finding that the easement was donated with the expectation of receiving a substantial benefit and that the value of the easement was zero. [Wendell Falls Development LLC et al. v. Commissioner; No. 3494-14; T.C. Memo. 2018-45, 4/4/2018]   Reconstruction of Mileage Logs Falls Short of Substantiation Rules The Tax Court, sustaining an accuracy-related penalty, held that an attorney with multiple law offices wasn’t entitled to a deduction for his business-related vehicle expenses, finding that his attempt to