This sounds like fun.
It appears we will *finally* be getting some action in all those 200+ Tax Court petitions that were filed by taxpayers who were denied the tax credit and depreciation they [invalidly] claimed for their 2008-2014 tax years. See the text below under my sign-off.
Several of those petitions were settled by the wisest petitioners with a "Stipulated Decision" in years past. Now, it's time for the rest of the petitioners to enjoy their turn in the barrel.
The remaining cases had been suspended while the "test case" was tried. That test case was won by the IRS
.
Was anybody surprised?
Then it was appealed to the Tenth Circuit Court of Appeals. The Tax Court ruling was affirmed back on November 4, 2022.
Was anybody surprised?
That decision was SEVEN YEARS after the IRS/DOJ filed suit against Neldon Johnson, Gregory Shepard, Roger Freeborn (RIP) and RaPower3. It's been a long haul.
I'm wondering how many of those remaining petitioners will have to file bankruptcy as a result of buying into a tax shelter that sounded "too good to be true"?
How many of them think Shepard is "one thousand per cent innocent" (as he claimed)?
How many of them would have saved a bunch o' bux if they had just listened to what those nasty "Paid Bashes" were saying? Incidentally, those were the same "Paid Bashers" who were continually being bad-mouthed by the "true believers" aka: "Pesky Pumpers".
Sure is a pretty day.
TED
****
This case is one of more than 200 related cases involving investors in the same “energy property,” a purported solar power project in Utah. In January 2020, the cases at docket Nos. 26469-14 & 21247-16, Olsen v. Commissioner, were tried in Salt Lake City as “test cases” for the entire group. On April 6, 2021, the Court issued its opinion in Olsen, T.C. Memo. 2021-41, and on June 10, 2021, the Court entered a decision in favor of respondent. On November 4, 2022, the U.S. Court of Appeals for the Tenth Circuit affirmed this Court’s decision. Olsen v. Commissioner, 52 F.4th 889, 904 (10th Cir. 2022).
In consideration of the foregoing, it is ORDERED that, on or before May 25, 2023, the parties shall file a status report (jointly if possible, otherwise separately) expressing their views as to the proper disposition of this case (and the other related cases being held pending final decision in Olsen) in light of the Tenth Circuit’s affirmance in Olsen.
(Signed) Albert G. Lauber
Judge
Served 04/26/23
dawson.ustaxcourt.gov |
