They raised $9 million from investors to buy property. Then they got a tax deduction worth about $39.7 million from it.
— ProPublica (@propublica) January 7, 2020
Investors got a $4.12 writeoff for every $1 they invested.
The IRS tried to crack down on this loophole, and it has not gone well. https://t.co/PP0WxT37jV
Tuesday, January 07, 2020
Leftist Hysteria .... The IRS Tried to Crack Down on Rich People Using an “Abusive” Tax Deduction. It Hasn’t Gone So Well.
