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Green Tax Break Promoter Indicted as IRS Cracks Down on Illegal Deductions

  • U.S. says Fisher created $1.3 billion in fraudulent tax breaks
  • Fisher lawyer says he ‘followed law’ to conserve 10,000 acres
Fisher shown in a video promoting developments near Asheville, N.C.
Fisher shown in a video promoting developments near Asheville, N.C.Source: Coastal Property Holdings LLC/Vimeo
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A major promoter of land conservation deals and six others were indicted as the Internal Revenue Service escalated a crackdown on what it says are fraudulent syndicated deals that cost the U.S. billions of dollars in taxes.

The U.S. charged Jack Fisher, an accountant and developer, with creating deals that helped wealthy investors claim at least $1.3 billion in fraudulent charitable deductions, according to an indictment unsealed Tuesday in federal court in Atlanta. The fraud involves land easements that bar development and rely on “grossly inflated” appraisals, prosecutors said.