Opinion
7307-19
09-26-2024
SAND INVESTMENT CO., LLC, INLAND CAPITAL MANAGEMENT, LLC, TAX MATTERS PARTNER, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
ORDER
Albert G. Lauber Judge.
On December 1, 2021, respondent filed a Motion for Partial Summary Judgment. On January 28, 2022, petitioner objected to respondent's Motion and filed a Cross-Motion for Partial Summary Judgment. On March 10, 2022, respondent filed a Motion to Stay Proceedings, representing that one or more individuals associated with the conservation easement at issue in this case were involved in an ongoing criminal proceeding. Respondent requested that we hold the pending Cross-Motions for Partial Summary Judgment in abeyance and "enter a stay . . . pending the resolution of Federal criminal investigations, the progress and outcome of which could affect the disposition of this case." By Order served on March 24, 2022, we granted respondent's motion to stay proceedings.
On September 16, 2024, respondent filed a status report representing that a stay is no longer necessary due to the conclusion of the above-referenced criminal trial. Petitioner on the same day filed a status report noting that, while the criminal trial has concluded, at least one of the defendants has appealed his conviction. On September 25, 2024, the Court convened a teleconference with the parties to discuss the status reports and the stay of proceedings.
During the call we indicated that we would lift the stay and that we expect the parties to move forward with discovery relating to the valuation issue. The Court is hopeful that the parties can make some progress on this front, despite possible fallout from the pendency of the criminal appeals. We also asked the parties to reevaluate their pending motions for partial summary judgment in light of case law developments since the motions were initially filed.
In consideration of the foregoing, it is
ORDERED that the stay of proceedings in this case is lifted. It is further
ORDERED that each party is relieved of the obligation to respond to the opposing party's Motion for Partial Summary Judgment, as specified in the Court's order served March 24, 2022, pending further order of the Court. It is further
ORDERED that the parties shall file, on or before November 25, 2024, a status report (jointly if possible, otherwise separately) expressing their views on the pending Motions for Partial Summary Judgment. It is further
ORDERED that the parties shall file, on or before January 23, 2025, a status report (jointly if possible, otherwise separately) detailing the then-present status of the case.