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DC Circ. Denies $33M Deduction For Land Gift To U Of Mich.

Law360 (May 24, 2019, 11:30 AM EDT) -- 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.

In a unanimous decision, a three-judge panel said RERI Holdings I overstated the value of its donation to the University of Michigan by more than 400%. (AP) In a unanimous decision, the three-judge panel said the U.S. Tax Court was right in finding that Ross' partnership RERI Holdings I did not properly substantiate its basis in the donated property, and overstated the value of the donation by...

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Appellate - DC Circuit

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December 18, 2017

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