Green Gas Delaware Statutory Trust v. Commissioner

Appellants challenged the tax court's decision affirming the Commissioner's determinations to disallow 26 U.S.C. 45K credits to appellants, to disallow the bulk of appellants' claimed business-expense deductions, and that appellants should be assessed a 20% accuracy penalty under 26 U.S.C. 6662 for the 2006 and 2007 tax years.The DC Circuit affirmed the judgment, holding that appellants were not eligible for the Section 45K credits they claimed for venting or flaring landfill gas; appellants had no rights to the Pontiac landfill after RTC's lease terminated; the tax court's decision to disallow the bulk of appellants' business expense deductions were reasonable and supported by the record; and the tax court properly approved the 20% accuracy-related penalty. View "Green Gas Delaware Statutory Trust v. Commissioner" on Justia Law