In a highly-anticipated Technical Advice Memorandum (TAM) dated March 23, 2017 and released on July 21, 2017, the Internal Revenue Service (IRS) ruled that two taxpayers who had invested in a Limited Liability Company that owned and operated a refined coal facility (the LLC) were not entitled to refined coal production credits they had claimed because their investment in the LLC was structured “solely to facilitate the prohibited purchase of refined coal tax credits.” This analysis marks a departure from the position staked out by the IRS in a number of recent refined coal credit cases, which focused on whether taxpayers claiming refined coal credits were partners in a partnership that owned and operated a refined coal facility.

Continue Reading IRS Rules (Again) That Taxpayers Are Not Entitled to Claimed Refined Coal Credits

by James A. Pardo and Brandon H. Barnes

Three recent court decisions could affect parties with an interest in hydraulic fracturing, particularly in New York and Ohio.  Two New York courts held that New York’s Oil & Gas Law does not preempt local zoning ordinances that completely ban hydraulic fracturing, and an Ohio court issued a ruling that could impair stakeholders’ ability to conduct hydraulic fracturing operations in that state.

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