I spent a lot of time and electrons on MCM Investment Management today (see my blogpost “Pith O’ Sense and Pride O’ Worth”, 12/10/19). My trusty word processing program says 807 words, far above my usual 450 or fewer.

So I’ll only deal with private letter rulings, as Judge Buch deals with them in Dasher’s Bay At Effingham, LLC, Dasher’s Bay Management Group, LLC, Tax Matters Partner, Docket No. 4078-18, filed 12/10/19.*

The Dashers get their hopes for summary J on their conservation easement dashed for a bunch of reasons, but they include (without in any way limiting the generality of the foregoing, as my already-on-their-second Grey-Goose-Gibson colleagues would say) credit for improvements in case of judicial extinguishment overrules perpetuity, failure to state basis on their 8283, and Reg. 1.170A-13(c)(4)(ii)(E) is valid. There are three (count ‘em, three) other Dashers beside this one, all designated hitters, but they’re all same same.

We all know PLRs are only precedent for the requesting taxpayer, for the transaction in question, and the tax year(s) in question. They’re not precedent for anyone or anything else.

Judge Buch: “Dasher’s Bay argues that its deed of easement complies with the extinguishment regulation because the Commissioner previously allowed a deduction of a similar deed in Private Letter Ruling 200836014.

“Private Letter Rulings are written for specific taxpayers and other taxpayers may not rely on them as precedent. Courts are not required to consider private letter rulings; however, they may provide useful guidance.” Order, at p 8 (Footnotes omitted, but read them, as they have the relevant citations.)

*Dasher’s Bay 4078-18 12 10 19