Conrad Teitell, a principal at Cummings & Lockwood, reviews a recent case where the donor granted to the North American Land Trust a perpetual conservation easement covering a golf course that it owned. The IRS disallowed the $30,588,235 charitable deduction in its entirety and imposed an accuracy-related penalty. The decision by the Tax Court is an excellent primer on valuation and appraisals and demonstrates the importance of selecting an expert.
August 24, 2009 at 12:00 AM
1 minute read
What’s it all about, Alfie? First a quick overview of the tax rules on charitable gifts of conservation easements, followed by a recent Tax Court case on the valuation of easements.
Overview of Tax Rules
A qualified conservation contribution is a gift of a qualified real property interest to a qualified organization to be used only for conservation purposes. Let’s run down all these qualifieds.
Presented by BigVoodoo
The New York Law Journal honors attorneys and judges who have made a remarkable difference in the legal profession in New York.
Law firms & in-house legal departments with a presence in the middle east celebrate outstanding achievement within the profession.
The premier educational and networking event for employee benefits brokers and agents.
A large and well-established Tampa company is seeking a contracts administrator to support the company's in-house attorney and manage a wide...
We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Candidates should ...
We are seeking an attorney to join our corporate and transactional practice. Candidates should have a minimum of 8 years of general corporat...
MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS
