Conservation Easement Tax Donation Upddate  

Oleh:

Fava, Karl J.

Jenis: Article from Bulletin/Magazine
Dalam koleksi: Journal of Accountancy vol. 215 no. 5 (May 2013), page 56-61.
Topik: Conservation Easements; Donations; Charitable Tax Deductions; Mortgages; Internal Revenue Code

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.34 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

The deductibility of a charitable donation for a conservation easement or restriction on a real property interest is provided for under Sec. 170(h). Even with almost 13 pages of regulations (Regs. Sec. 1.170-14), this provision is not straightforward, as evidenced by the number of taxpayers challenged by the IRS. Careful adherence to the regulations is necessary to avoid the risk of losing the charitable deduction. This article provides an overview of recent developments in the deductibility of conservation easements. In several recent cases, the IRS has challenged the validity of the donation. Repeated IRS challenges are related to appraisals, substantiation, and compliance with the requirements of Regs. Sec. 1.170A-14(g) that the facade or conservation easement be enforceable in perpetuity. Under Regs. Sec. 1.170A-14(g)(2), if the donated property is subject to a mortgage, the rights of the mortgagee must be subordinated to those of the qualified donee to enforce the conservation purpose in perpetuity.

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