On Yahoo’s Financial page this morning is a very interesting article that the FOA should look into for possible applicability for The Club at ArrowCreek: IRS Tees Off Golf Courses’ Green Tax Claim. PDF
The Wall Street Journal Article By Richard Rubin
Clubs’ use of environmental tax breaks is full of holes, government says
Curtis Richardson doesn’t play much golf these days. But there he was, tramping through the rough and scrutinizing each hole at courses along the North Carolina coast.
The director of the Duke University Wetland Center was collecting soil and water samples for a client he never expected: The Internal Revenue Service.
The IRS has been battling wealthy landowners, including golf clubs, over an environmental incentive that lets taxpayers deduct sums well into the millions. In the North Carolina case, the government hired Mr. Richardson to challenge a claim by two St. James Plantation courses to score nearly $8 million in conservation-related tax breaks.