Finance

Have Finance Questions? Ask a Financial Expert Online.

Ask an Expert,
Get an Answer ASAP!

Finance
This answer was rated:

Have you ever found out any information about the "green preserva

Have you ever found out...

Have you ever found out any information about the "green preservation partnership" that is sold by Pathfinder at http://www.tax-saving-professionals.com/. They wanted me to pay over $38,000 to set it up for me. They guaranteed me a $38,000 tax savings every year. Basically I would pay into the partnership $78,876 and get a tax credit of $318,622 Which appears to be 4 times contribution based on my tax bracket of $631,000 I would end up saving $38,014 EVERY YEAR. Seems pretty easy if I could find the IRS form and the partnerships to contribute to

 

Maybe this will help

Robert Diamond

Projected Savings From Green Preservation Partnership

2013

Before

After

Net

GPP

GPP

Effect

Projected AGI

631,004

631,004

-

Projected Itemized Deductions

(3,120)

(318,622)

(315,502)

Projected Personal Exemptions

-

-

-

Projected Taxable Income

627,884

312,382

(315,502)

Projected Year One Tax Savings

196,289

79,400

(116,889)

Marginal Tax Rate

39.0%

33.0%

-6.0%

Effective Tax Rate

31.3%

25.4%

-5.8%

Potential GPP Funding

78,876

Net Year One Federal Tax Savings

(38,014)

Net Year One State Tax Savings

-

Tax Effect of $1 GPP Investment

(1.48)

Total Net Tax Savings

(38,014)

Show More
Show Less
Ask Your Own Finance Question
Answered in 39 minutes by:
10/3/2013
Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 7,211
Experience: Extensive Experience with Tax, Financial & Estate Issues
Verified

Stephen G. :

Hello, my name isXXXXX & I'll be helping you today. My goal is to give you a complete & accurate answer that you can understand.

Stephen G. :

I've looked over their website, including supporting & detail pages and there's a lot of fluff & promises, but no detail or specifics. Basically, there's no way that you can invest in something and realize more in tax savings than you put into the program.

Stephen G. :

It doesn't make any sense economically; a long time ago, before the IRS changed the regulations, if you were obligated for non-recourse debt, you could claim tax deductions in excess of your investments; those rules do not apply anymore.

Stephen G. :

Poor service - What do you mean - we haven't discussed anything yet?

Customer:

Not much help. I was looking for the IRS info that supported this deduction

Stephen G. :

Your link goes to the website only; there are no specific investments listed there; you must be able to access additional information as a "member" of the site.

Stephen G. :

You won't find it as it doesn't exist.

Stephen G. :

Can't they provide the information as part of what they are selling? If not, that should tell you something.

Stephen G. :

I'm sorry to provide "bad news", but this is only one of hundreds of similar sites that offer basically the same thing in one form or another.

Stephen G. :

What are you supposedly investing in?

Stephen G. :

That's the first question.

Customer:

Not much of an answer - please cancel all of my payments as well as any future payments. I DO NOT want to sign up for any type of subscription from just answer. They provided me with the attachment I had previously sent with quite a few agreements

Stephen G. :

The "Green Preservation Partnership", in & of itself, tells us anything.

Stephen G. :

Well, I never saw any attachments.

Stephen G. :

Sorry, but I don't handle the money here; I just respond to questions; you don't need to rate me as giving poor service to get all your money back; we have an unconditional money back guarantee;

Customer:

I was supposedly investing in a land partnership where the developers guaranteed that they would not build or leave some green property and the IRS gave tax deductions. I would contribute to the green partnership to get the 4 times contribution tax deduction. In my bracket the deduction is more than the contribution, hence tax saving

Stephen G. :

I can notify customer service to contact you; we don't get any information about fees, etc. I have no idea what you paid.

Customer:

I changed my rating - Just didn't get answer

Stephen G. :

I don't see any change in your rating?

Customer:

Please let customer service know that I do not want any subscription. You have Good service

Stephen G. :

What you are being promised does not exist.

Customer:

OK thanks

Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 7,211
Experience: Extensive Experience with Tax, Financial & Estate Issues
Verified
Stephen G. and 87 other Finance Specialists are ready to help you
Ask your own question now
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 12,849
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Yes, the foundation underpinnings of the law They cite is valid.

Pathfinder uses, as their foundation for strategies, A U.S. Supreme court case (which cites further statute from the U.S. code , see below)


This U.S Supreme court case affirmed an overturning the Tax commissioners assessment of tax deficiency.




On Writ of Certiorari to the United States Circuit Court of Appeals for the Second Circuit.Petition by Guy T. Helvering Commissioner of Internal Revenue, opposed by Evelyn F. Gregory, taxpayer, to review an order of the Board of Tax Appeals expunging a deficiency in income taxes.Order of Board of Tax Appeals was reversed, and deficiency assessed (69 F. (2d) 809), and the taxpayer brings certiorari.Judgment of the Circuit Court of Appeals affirmed.

Gregory v. Helvering, 293 U.S. 465 (1935)




The first two major points of law were the following:

Taxpayer can decrease amount of his taxes or altogether avoid them by means which law permits.

Gregory v. Helvering, 293 U.S. 465 (1935)


AND


Transfer of some of assets of corporation owned wholly by taxpayer to new corporation owned wholly by taxpayer and created solely for purpose of receiving and transferring assets to taxpayer as liquidating dividend, after which new corporation was dissolved, held not “reorganization” within statute exempting from tax, gain arising out of transfer of assets by one corporation to another corporation pursuant to plan of reorganization. Revenue Act 1928, § 112(g), (i) (1), 26 U.S.C.A., § 112.




Whether or not this Partnership can withstand challenge, as to the particulars of the law they cite cannot be guaranteed here.

Given that this is a supreme court ruling, you can be fairly certain that a challenge will only come when the facts of your case, this partnership, cannot be generalized to the facts in the underpinning case.




I would ask the following questions of them:

(1) IS this partnership structured in a way that absolutely mirrors the fact pattern in the Gregory Case?

(2) If not, how is it different?

(3) Why would I trust that this legal underpinning will apply in the same way?




Hope this helps

Lane
Ask Your Own Finance Question
Ask Stephen G. Your Own Question
Stephen G.
Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 7,211
7,211 Satisfied Customers
Experience: Extensive Experience with Tax, Financial & Estate Issues

Stephen G. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,608 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,218 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,919 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
Have a sub s corp rental properties fully depreciated wish
Have a sub s corp rental properties fully depreciated wish to do a joint venture not a sale or transfer of property.. How can this be done without triggering capital gains? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a looming $3000 in s/t cap gain & 34,000 in l/t cap
I have a looming $3000 in s/t cap gain & 34,000 in l/t cap gains & $100k in cash from stock sales.Best way to reduce the tax. Can't I take l/t gains over time. My income this year's was about 35K. I a… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
My wife has a life insurance policy taken out in 1951 by her
my wife has a life insurance policy taken out in 1951 by her parents. it was from the Worcester county institution for savings in Worcester, ma. … read more
Lane
Lane
JD, CFP, MBA, CRPS
12,849 satisfied customers
I inherited my father's IRAs. I have accounts with Fidelity
I inherited my father's IRAs. I have accounts with Fidelity and Schwab. One of my Schwab accounts is titled Inherited; the other is listed as a Roth. The Fidelity account is listed as an IRA. My quest… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What is the difference in payments and total interest on a
What is the difference in payments and total interest on a car loan total of $32,000.00 paid off in three years? Interest rate 4.99% vs 2.99%… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
How to negotiate with auto insurance (Progressive) the
how to negotiate with auto insurance (Progressive) the settlement prince on their offer to total my vehicle after the accident. I see only two vehicles of the exact same kind for sale by the dealers o… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
I currently have a 20 year home equity loan....i'm looking
I currently have a 20 year home equity loan....i'm looking to lower the monthy payments doing a refi HARP loan in Pennsylvania...is that possible with no appraisal?… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
I am a 2 person LLC (partnership) with only 2 part time
I am a 2 person LLC (partnership) with only 2 part time employees (15 hours per week each) and wanted to know what would be the best way to contribute to a retirement plan for the owners only?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am an international student in Louisiana. I have been here
I am an international student in Louisiana. I have been here since 2013 and have NOT filed taxes at all. Do I have to wait until next year's tax season to file taxes for all my past years, or can I do… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
I am about to enter a settlement for a sizable amount. For
I am about to enter a settlement for a sizable amount. For this example lets use $200k, 30% will go to my lawyer and 40% to tax leaving about $60k over. The payment will be made to the lawyers trust t… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
How can we use SBA loan or American bank credit to expand
How can we use SBA loan or American bank credit to expand internationally? 1) for same business segments as we have in USA 2) Totally unrelated business segments than we have in USA?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
I at a California S Corp. due to an ERP glitch a large
I at a California S Corp. due to an ERP glitch a large amount of consignment inventory was not recording in our GL. How would I record this inventory now? How will it affect taxes?… read more
taxmanrog
taxmanrog
Master\u0027s Degree
698 satisfied customers
What costs can be capitalized as leasehold improvements? Can
What costs can be capitalized as leasehold improvements? Can architect and engineer fees be capitalized?… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
How can I obtain Oil Pension Checks? I need to know the Best
JING sent me a message from Lombardi Publishing Corporation.… read more
taxmanrog
taxmanrog
Master\u0027s Degree
698 satisfied customers
My daughter has a small Roth 3K.....she wants to get a
My daughter has a small Roth 3K.....she wants to get a "traditional" IRA thru her bank.....Can she have both or must she convert the Roth… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
I need to have my teeth straightened and repaired, it's
I need to have my teeth straightened and repaired, it's $4000 to have it done. I am 59 and this was unexpected but necessary. I have paid half the cost from my HSA, but that's all I have there and nee… read more
taxmanrog
taxmanrog
Master\u0027s Degree
698 satisfied customers
Why would I want to complete my company finance information
Why would I want to complete my company finance information on DnB.com? Seems if anyone I am working with wants to see it, they can contact me. But, I don't see why I would just post it for anyone to … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
Owner single member LLC. Gross revenue 2017 around $50,000.
Owner single member LLC. Gross revenue 2017 around $50,000. After deductions, maybe around $28,000. Poor credit. Several years of unfiled returns (previously closed business and personal). Years ago I… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x