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] |
|
Copyright of Business Valuation Update is the property of Business Valuation Resources, LLC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) |
| قاعدة البيانات: |
Complementary Index |
