In Uncategorized on 07/13/2020 at 17:27

Maybe that’s how the 21.89 acres Dave Hewitt and Mrs. Dave bought in 2008 on Lewis Smith Lake (love the spelling, Dave!) in Winston Co., AL for $200K, actually became worth north of $6,524,000 in 2013.

The $6,524,000 is what Smith Lake, LLC, David Hewitt, Tax Matters Partner, 2020 T. C. Memo. 107, filed 7/13/20, claimed as a conservation easement deduction in 2013. And of course they reserved value of improvements from the extinguishment split with the 501(c)(3) defender of the faith.

We got the usual extinguishment (with a merger clause thrown in), and an AL condemnation law argument.

Y’all will recollect that Dave (and Mrs Dave) escaped overvaluation and negligence chops on the family farm easement a month ago. See my blogpost “‘Gude Faith, He Maunna’ Fa’ That’ – Part Deux,” 6/17/20. But thereafter he started dubious syndicates. Judge Goeke let him off back in June; Judge Kerrigan takes only fifteen (count ’em, fifteen) pages to send off Dave in the usual fashion on this later escapade.

A concession in a settlement doesn’t set up judicial estoppel (no judgment or decree). Reg. Section 1.170A-14(g)(6) is valid, per Oakbrook. And improvements get split.

The Smith Lakers may have struck a vein of dilithium crystals and told Starfleet Command. Who knows, if there are dilithium crystals there, The Federation of Planets may condemn the place.






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