Tax Aspects of Qualified Conservation Contributions
William R. Sylvester
Baker, Donelson, Bearman, Caldwell & Berkowitz, PC
You will Learn:
- The basic rules surrounding IRC Section 170(h), its history, and possible future legislation.
- A useful explanation of the state tax incentives available for conservation.
- The heavily litigated issue of the valuation of real estate gifts made for conservation purposes.
- Some of the important recently decided tax cases in the conservation easement area.
- The potential opportunities available to “conservation partnerships,” and potential IRS challenges to conservation “investors” who receive interests in such entities
The “qualified appraisal” is a key to any conservation easement, and is often the most litigated aspect of any dispute that goes to court. The taxpayer or advisor who understands the appraisal process, including the basics of the Uniform Standards of Professional Appraisal Practice (“USPAP” in the acronym) can best plan to minimize the effect of a likely IRS exam, and to make decisions regarding any administrative settlement or court response to any deficiency claimed by the US Treasury. In this 10 minute webinar, from an overall presentation concerning Charitable Conservation Easements, Bill Sylvester will discuss various valuation techniques and issues, as well as prior Tax Court and Court of Appeals decisions dependent upon appraiser testimony for their ultimate disposition. This topic is critical for potential donors of conservation easements, and is also very useful for other charitable planning which involves the valuation of real estate.
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