The U.S. Tax Court slashed about $62 million in tax deductions claimed by four partnerships for donations of conservation easements in Georgia on Monday, saying the partnerships did not provide the required appraisals and grossly overstated the value of their donations.
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WEDNESDAY, JULY 16, 2025 Law360 iOS App Law360 Android App Follow Law360 on Facebook Follow Law360 on LinkedIn Follow Law360 on Twitter

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Tax Court Tosses $62M In Bogus Land Deductions

By Anna Scott Farrell

The U.S. Tax Court slashed about $62 million in tax deductions claimed by four partnerships for donations of conservation easements in Georgia on Monday, saying the partnerships did not provide the required appraisals and grossly overstated the value of their donations.

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Evidence Tainted In $20.7M Easement Loss, 11th Circ. Told

By Anna Scott Farrell

The U.S. Tax Court improperly allowed hundreds of trial exhibits in striking a Georgia partnership's $20.7 million tax deduction for donating a conservation easement, the partnership told the Eleventh Circuit, saying the government failed to address its claims that the court broke evidence rules.

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EU Law Doesn't Shield Eaton Records, US Tells 6th Circ.

By Kat Lucero

The European Union's privacy law does not protect Eaton Corp. from having to disclose employee evaluation records in a transfer pricing dispute with the Internal Revenue Service, the U.S. government told the Sixth Circuit on Monday.

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EXPERT ANALYSIS

Practical Implications Of SEC's New Crypto Staking Guidance

The U.S. Securities and Exchange Commission's recent staff guidance that protocol staking does not constitute securities offerings provides a workable compliance blueprint for crypto developers, validators and custodial platforms willing to keep staking strictly limited to protocol-driven rewards, say attorneys at Cahill.

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How Attys Can Use AI To Surface Narratives In E-Discovery

E-discovery has reached a turning point where document review is no longer just about procedural tasks like identifying relevance and redacting privilege — rather, generative artificial intelligence tools now allow attorneys to draw connections, extract meaning and tell a coherent story, says Rose Jones at Hilgers Graben.

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LITIGATION

US Defends Seeking Man's Info From Apple In Swiss Tax Probe

By Natalie Olivo

The U.S. government urged a California federal court to enforce an IRS summons on Apple Inc. to produce records linked to the account of a dual Swiss-Italian citizen, arguing the summons is valid under the U.S.-Switzerland tax treaty.

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IRS Met Penalty Rules In Easement Cases, Tax Court Says

By Asha Glover

The IRS met all requirements for supervisory approval of penalties it issued to two companies related to disallowed charitable contribution deductions for donated conservation easements, the U.S. Tax Court said Monday.

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Tax Court Finds Couple Not Divorced In Filing Status Dispute

By Anna Scott Farrell

A Minnesota accountant and his wife who divorced through a religious ceremony were not divorced in the eyes of the law and thus can't claim the head-of-household tax filing status reserved for certain unmarried people, the U.S. Tax Court ruled.

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TRADE

Trump Threatens Tariffs On Russia Over Ukraine War

By Dylan Moroses

President Donald Trump said Monday that Russia must end its war with Ukraine within the next 50 days or else the U.S. will levy "severe tariffs" on Russian goods entering the U.S.

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30% US Tariffs Would Prohibit Trade, EU Commissioner Says

By Josh White

President Donald Trump's weekend threat to impose a 30% tariff on goods imported from the European Union would "practically prohibit" trade, the EU's trade commissioner warned Monday.

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GOP Lawmakers Back USTR Probe Into Foreign Drug Pricing

By Natalie Olivo

Republican members of Congress expressed support Monday for the Office of the U.S. Trade Representative's efforts against what the lawmakers referred to as anti-innovation policies abroad that, they said, require U.S. companies to take on the brunt of pharmaceutical research and development.

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ENFORCEMENT

Jury Says Commercial Real Estate Owner Hid $4.8M

By Nate Beck

A jury in Washington federal court has found a commercial real estate company owner guilty on charges of concealing nearly $5 million in income from the Internal Revenue Service using a series of limited liability companies.

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REPORTS & STUDIES

IRS Staff Cuts Imperil Gains In Wealthy Audits, TIGTA Says

By Asha Glover

The Internal Revenue Service's small- and large-business divisions increased audits on high-income taxpayers in 2024, but that progress will likely be jeopardized by recent staffing cuts, the Treasury Inspector General for Tax Administration said in a report released Monday.

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Law360 Tax Authority Map

LAW FIRMS IN TODAY'S NEWS

Allen Tax Law

Cahill Gordon

Dentons

Fox Rothschild

Goldfarb & Huck

Hilgers Graben

Hochman Salkin

Robert Chicoine Law

Skadden Arps

COMPANIES IN TODAY'S NEWS

Apple Inc.

Binance Holdings Ltd.

Coinbase Global Inc.

Eaton Corp. PLC

Ethereum GmbH

National Association of Manufacturers

Payward Inc.

Relativity ODA LLC

U.S. Chamber of Commerce

GOVERNMENT AGENCIES IN TODAY'S NEWS

European Commission

European Union

Greene County, Georgia

Internal Revenue Service

NATO

Office of the U.S. Trade Representative

U.S. Attorney's Office for the Western District of Washington

U.S. Court of Appeals for the Eleventh Circuit

U.S. Court of Appeals for the Sixth Circuit

U.S. Department of Justice

U.S. Department of the Treasury

U.S. District Court for the Northern District of California

U.S. District Court for the Western District of Washington

U.S. Securities and Exchange Commission

U.S. Supreme Court

U.S. Tax Court