التفاصيل البيبلوغرافية
العنوان: |
U.S. Tax Court Allows a Charitable Contribution Deduction for a Land Easement But Also Applies a Gross Valuation Misstatement Penalty. |
المصدر: |
Business Valuation Update; Jul2024, Vol. 30 Issue 7, p18-22, 5p |
مصطلحات موضوعية: |
CONSERVATION easements, CHARITABLE giving, TAX courts, INCOME tax deductions for charitable contributions, SERVITUDES, VALUATION |
الشركة/الكيان: |
UNITED States. Internal Revenue Service |
مستخلص: |
The U.S. Tax Court recently ruled in the case of Buckelew Farm, LLC v. Comm’r, allowing a charitable contribution deduction for a land easement. The court determined that the conservation purpose did not need to be preserved indefinitely. The case involved a noncash charitable contribution deduction claimed in 2013 for a land easement granted to the Southeast Regional Land Conservancy. The court considered expert testimony to determine the value of the easement and ultimately accepted the respondent's value. The court imposed a penalty for gross misstatement of value but did not assess a penalty for civil fraud. This document explores the partnership's conservation easement and the associated tax implications, including the compliance of the appraisal report with appraisal standards. [Extracted from the article] |
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قاعدة البيانات: |
Complementary Index |