The Estate of Thomas H. Fry v. Commissioner is an opinion that anybody who deals with S corporations needs to know about. You may have read about it as a taxpayer win and it is. Another reading is that it is a cautionary tale to not do what Thomas H. Fry and his team did with his S corporations, Crown Disposal Inc (CD) and CR Maintenance Services Inc (CRM). Think of the win part of this opinion as a life jacket that might come in handy if you run your ship into the rocks. Better you should pay attention to the rocks and avoid them.
Renewable Energy Tax Credits: An Opportunity to Sustainably Optimize Taxes
Ted Stotzer
Investment Tax Credits (“ITCs”) and Production Tax Credits (“PTCs”, and together with ITCs, “RETCs”) have existed for decades and reflect the U.S. government’s commitment to incentivizing clean energy solutions in industry and commerce. The availability of RETCs was most recently extended by the Inflation Reduction Act of 2022 (“IRA”), which fundamentally transformed policy in this space by tying such credits’ expiration to the U.S. reaching certain targets for greenhouse gas reductions. While the recent change in Executive Branch leadership casts doubt over the longevity of RETCs, a full repeal seems unlikely given the scope and scale of domestic projects which utilize and benefit from such credits. This article discusses how RETCs may benefit both buyers and sellers in an increasingly uncertain environment.
