The IRS has listed syndicated conservation easement deals as tax shelter transactions that participants must identify to the Service. It is likely to lead to the loss of claimed deductions for participants in the deals and separate taxes for those who don’t disclose their participation. Notice 2017-10 says the IRS has “become aware that some promoters are syndicating conservation easement transactions that purport to give investors the opportunity to claim charitable contribution deductions in amounts that significantly exceed the amount invested.” It says promoters identify a pass-through entity such as a partnership or limited liability company that owns or will acquire real estate, “...