Posted by Cochise on July 24, 2008 at 09:17:32:
In Reply to: Re: Wild Bill Milenski, William Milenski MAI?, AI posted by Cochise on May 12, 2008 at 16:32:23:
The investigation into Colorado's Conservation Easement Tax Credit program widened on Friday, when the Internal Revenue Service agreed to review documents the state has obtained in its own inquiry.
The IRS joined the investigation at the request of the Colorado Division of Real Estate, according to Director Erin Toll.
Just days before, Colorado Attorney General John Suthers announced he would take his investigation of easement deals to a criminal grand jury.
Toll, whose office has conducted several inquiries into the program, said she was looking for more enforcement muscle in the investigation.
"I sent them a letter inviting them to look at it because we've done all we can do," Toll said. "The IRS has issued a summons to the Division of Real Estate to review all documentation we have related to conservation easements. At this point, I'm referring all of our cases to agencies who can do something else."
The conservation easement tax credit program gives income tax credits - as much as $375,000 per easement - to landowners who agree to permanently prohibit development on their lands. The credits can be sold for cash.
Documents the IRS is reviewing concern easements held by several different land trusts, including Greenlands Reserve and Colorado Natural Lands.
Appraisers who worked on some of those transactions have been sanctioned. William Victor Milenski, who conducted land appraisals for easements granted by Greenlands Reserve, had his license suspended in an emergency action by the Division of Real Estate in May. The IRS is now reviewing those transactions, according to documents released late Friday. Milenski could not be reached for comment.
http://www.rockymountainnews.com/news/2008/jun/27/irs-review-conservation-easement-documents/