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Revision as of 16:28, 15 September 2024
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Structured Entity Tax Credit - The irs is attacking an inventive scheme involving state conservation tax credit. The strategy works by having people set up partnerships that invest in state conservation credits. The credits are eventually depleted and a K-1 is issued to the partners who then go ahead and take credits for their personal revisit. The IRS is arguing that you cannot find any legitimate business purpose for the partnership, can make the strategy fraudulent.
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