Sunday, March 2, 2008
IRS fails to stop The Nature Conservancy
The IRS audited The Nature Conservancy following Congressional outrage to land deal schemes reported by the Washington Post in 2003, but the audit did not result in a repeal of the non-profit status of the TNC as many had expected. By late 2005, the powerful attorneys of The Nature Conservancy announced that the billions of profits on land deals would remain tax free. To this day, every dollar of profit in real estate brokerage and development made by The Nature Conservancy is exempt from tax simple because the stated purpose of the organization is tax exempt.