Wall Street articles today on the IRS and also Jordan Spieth, the "traveling man"

[PEZGolf]

Today must be "golf day" at the Wall Street Journal.  Here are the two articles in today's edition:

1.  On page 1 of the main section, there is an article entitled "IRS Tees Off on Golf Corses' Green Tax Claims".  In it , Richard Rubin describes how the IRS has hired appraisers, wetland experts, and other specialists to contest golf courses that try to take deductions for environmental expenses to make the courses green and protect the environment.

2. On page D6, there is an article written by Brian Costa that describes Jordan Spieth's  tournament schedule for this year. He will be traveling to 9 countries in 5 continents over the next 11 months. Gary Player, aka "The Black Knight", was the first professional golfer to travel around the globe to compete in tournaments. In fact, he has kept track of the total mileage he has traversed.  Just ask him and he will give you the up-to-date figure.   Asked if he might join the European Tour at some point, Jordan answered, "Who knows?  This sport can take you anywhere."  As the article points out, Jordan seems almost immune to jet lag.  This is critical in his ability to not only play in International events, but to play well.  He is unbelievable.

[Patch]

20 minutes ago, PEZGolf said:

Today must be "golf day" at the Wall Street Journal.  Here are the two articles in today's edition:

1.  On page 1 of the main section, there is an article entitled "IRS Tees Off on Golf Corses' Green Tax Claims".  In it , Richard Rubin describes how the IRS has hired appraisers, wetland experts, and other specialists to contest golf courses that try to take deductions for environmental expenses to make the courses green and protect the environment.

2. On page D6, there is an article written by Brian Costa that describes Jordan Spieth's  tournament schedule for this year. He will be traveling to 9 countries in 5 continents over the next 11 months. Gary Player, aka "The Black Knight", was the first professional golfer to travel around the globe to compete in tournaments. In fact, he has kept track of the total mileage he has traversed.  Just ask him and he will give you the up-to-date figure.   Asked if he might join the European Tour at some point, Jordan answered, "Who knows?  This sport can take you anywhere."  As the article points out, Jordan seems almost immune to jet lag.  This is critical in his ability to not only play in International events, but to play well.  He is unbelievable.

I read that article about the IRS. It will tough for quite a few golf courses to convince the IRS they are being enviromentally friendly. The CFRs will work against them unless the feds give them a way out with exemptions. 

As for Spieth's travels. More power to him. He's enjoying one of the perks for being at the top of his profession. 

[boogielicious]

1 hour ago, PEZGolf said:

Today must be "golf day" at the Wall Street Journal.  Here are the two articles in today's edition:

1.  On page 1 of the main section, there is an article entitled "IRS Tees Off on Golf Corses' Green Tax Claims".  In it , Richard Rubin describes how the IRS has hired appraisers, wetland experts, and other specialists to contest golf courses that try to take deductions for environmental expenses to make the courses green and protect the environment.

2. On page D6, there is an article written by Brian Costa that describes Jordan Spieth's  tournament schedule for this year. He will be traveling to 9 countries in 5 continents over the next 11 months. Gary Player, aka "The Black Knight", was the first professional golfer to travel around the globe to compete in tournaments. In fact, he has kept track of the total mileage he has traversed.  Just ask him and he will give you the up-to-date figure.   Asked if he might join the European Tour at some point, Jordan answered, "Who knows?  This sport can take you anywhere."  As the article points out, Jordan seems almost immune to jet lag.  This is critical in his ability to not only play in International events, but to play well.  He is unbelievable.

It helps other members if you attach the link to your post.

[mcanadiens]

So our idiot legislators come up with lame-brain tax incentives and leave it to the IRS and the courts to interpret their garbage. Same old stuff. Lawyers' lobby is smiling.

[nevets88]

IRS Tees Off on Golf Courses’ Green Tax Claims
Clubs’ use of environmental tax breaks is full of holes, government says

Quote

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.

http://www.wsj.com/articles/irs-tees-off-on-golf-courses-green-tax-claims-1451959008

Where In the World Is Jordan Spieth?
The world’s No. 1 golfer is in the midst of a stretch that will take him to nine countries in five continents over 11 months

Quote

“Jordan is not fueled by money and it does not drive his decisions regarding his golf,” Spieth’s agent, Jay Danzi, said. “Jordan enjoys seeing the world, experiencing new cultures and has always thought that it is important to help to grow the game. Traveling to different markets also helps expand Jordan’s brand internationally and provides valuable activation opportunities for his global partners.”

http://www.wsj.com/articles/where-in-the-world-is-jordan-spieth-1451946098

[PEZGolf]

47 minutes ago, mcanadiens said:

So our idiot legislators come up with lame-brain tax incentives and leave it to the IRS and the courts to interpret their garbage. Same old stuff. Lawyers' lobby is smiling.

I agree with you. That is why there is so much anger and frustration in American voters! A curse on the ESTABLISHMENTS of BOTH parties!

[PEZGolf]

23 minutes ago, nevets88 said:

IRS Tees Off on Golf Courses’ Green Tax Claims
Clubs’ use of environmental tax breaks is full of holes, government says

http://www.wsj.com/articles/irs-tees-off-on-golf-courses-green-tax-claims-1451959008

Where In the World Is Jordan Spieth?
The world’s No. 1 golfer is in the midst of a stretch that will take him to nine countries in five continents over 11 months

http://www.wsj.com/articles/where-in-the-world-is-jordan-spieth-1451946098

Thanks for the links!

[natureboy]

I'm not sure the Journal article isn't mixing some apples and oranges in their article on easements. There are both conservation easements and transfers of development rights easements. I'm not sure if there is a bigger tax break for a true 'conservation' easement relative to a transfer of development rights, but expect there is.

Done right, the conservation easement provision should enable a competent course architect to work around truly valuable and sensitive natural areas that they shouldn't or couldn't use for course layout anyway (under wetland regs or other) or that would be nice scenic context to the course while making that 'loss' of usable land on the parcel less costly in terms of ROI. It's supposed to be a win-win. Community gets wetlands protections which bolsters local water and wildlife quality, and it's a financial incentive to the course developer.

A 'lesser' type of easement is a transfer of development rights wherein a deed restriction is applied to some kind of 'actively used' land restricting any future development. This also has some win-win value in that an urbanized area without houses, driveways, streets and sidewalks creates less burden on local waterways in terms of runoff water velocity, sediment, trace pollutants like oil from cars, and usually fertilizers (though this doesn't really describe a typical golf course). TDR's are commonly applied to maintain working agricultural landscapes (farms) that are facing significant development pressure like in Lancaster County (Amish country).

Of course the details matter a lot in this and I suspect it's the case of some greedy course developers drawing the margins of a protected wetland around the whole hole or course to maximize the tax benefit, but hoping the IRS just won't bother to look into it.

 

Re. Spieth: "...provides valuable activation opportunities for his global partners." LOL - 'agent speak'.

Edited January 6, 2016 by natureboy

[PEZGolf]

Excellent replies have been posted! Thanks, guys!