Judge Christian N. (“Speedy”) Weiler brings us to the end of the Green Valley road, as Green Valley Investors, LLC, et al., Bobby A. Branch, Tax Matters Partner, T.C. Memo. 2025-15, filed 2/11/25 leads in three (count ’em, three) other Dixieland Boondockeries claiming a total $90 million syndicated conservation dodges. The issue is chops: Boss Hossery to start, and overvaluation for the main course.
Of course, this is a long running saga. See my blogpost “Listing is Legislating,” 11/9/22*, for the Notice 2017-10 story.
Judge Speedy Weiler seems confused. Though the St. Louis law firm Bryan Cave rendered a tax opinion (T. C. Memo. 2025-15, at p. 10), Mr. Cave (that’s Rhodes Cave, Esq.) became a partner in 1917; I doubt he was writing anything in 2015.
Otherwise, it’s the usual story: Boondocks bought for $2.2 million, mining evaluation and appraisal from the usual suspects follow, a private placement memo supposedly suggesting getting rich in mining crushed rock but a charitable deduction as the main course, and $22 million deduction claimed. IRS buys petitioner’s expert’s “after” valuation. Judge Speedy Weiler brushes aside a minor miscue on the Penalty Lead Sheets, so Boss Hossery is satisfied.
The valuation trial is a walkover for IRS.
But it’s the usual kicker: “It is likewise difficult to accept that Mr. Branch, who acquired the underlying 607 acres of land for some $2,500 an acre or approximately $2.2 million, could objectively conclude that just three years later this same property was in fact worth more than $160,000 an acre for a total collective value of $91 million.” T. C. Memo. 2025-15, at pp. 38-39.
40% on the overvaluation, 20% on anything over the actual allowable deduction.
Edited to add: I cannot close without recognizing the trusty attorneys for the Green Valleys, led by Dixie’s answer to the Jersey Boys, Vivian D. (“Golden”) Hoard, Esq. Never dismayed, Ms. Hoard fights on. Be the sun ever so hot, and the IRS hotter; be the ice ever so thin, and her experts thinner, Ms. Hoard won’t quit. Only good ones lose the toughest ones
* https://taishofflaw.com/2022/11/09/listing-is-legislating/
Taishoff Law 
What is baffling is that these cases were offered the global settlement offer as recently as 2023 after they’d lost MSJ on the proceeds clause (4th Circuit, so Oakbrook applies). How could they have not been advised to settle??
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Mr. Rappaport, The petition had been filed in 2017. The SCE settlement offer did not include cases already before Tax Court. While settlement during litigation is always an option, I cannot tell if any attempt was made, or, if made, what prevented settlement. If anyone knows the story, I’d appreciate hearing from them.
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