Material adviser definition scrutinized at easement reg hearing

At the hearing, Andrew Bowman of the Land Trust Alliance reiterated his group’s view that final regs should retain the exclusion because donee organizations are mere recipients of a property interest under Treasury regs and aren’t active transaction advisers. Those organizations “do not fit the definition of material adviser because they do not provide aid, assistance, or advice, nor do they receive fees for such services,” he said.