The Nonprofit Law Prof Blog reported March 8 that “In Private Letter Ruling 201109030 (Dec. 8, 2010), released on March 4 … the Internal Revenue Service (“IRS”) revoked the federal income tax exemption of an organization … [that] received donations of five conservation easements…” Each easement area was inappropriate in some significant way. The [...]
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Appeals Court of Massachusetts, No. 10-P-605, February 16, 2011: Upholds the denial of a property tax exemption for a historic mansion and 6 surrounding acres, part of a state park leased under the state’s historic curatorship program to a private entity to operate a bed and breakfast and for other specified for-profit purposes. The private lessee [...] T.C. Memo. 2010-283; No. 14374-08, December 27, 2010: Tax Court creates its own appraisal of the value of a conservation easement using the before-and-after method; considers evidence of lot sales after the date the easement was donated.
The taxpayer argued that only the comparable sales appraisal method could be used because data on sales of comparables conservation [...] United States Tax Court, 135 T.C. No. 24, Nov. 4, 2010: Affirms, based on a quid pro quo benefit that exceeded the donation, the IRS denial of a charitable deduction by Petitioner Rolfs for his gift to the local fire department of a house (but not the land on which it was located) for the express [...] October 15, 2010: A Proposed Rule by the National Park Service would amend its procedures for obtaining historic preservation certifications for rehabilitation tax credits. The comment period ends 12/14/2010. From the Federal Register notice: “The proposed rule accomplishes four objectives. First, it removes outdated references to the Internal Revenue Code. Second, the proposed rule deletes references to [...] United States Tax Court, No. 8309-08, September 22, 2010: The TC upheld the IRS’ complete denial of a deduction for a historic façade easement but denied the IRS’ accuracy-related penalty. The taxpayer offered appraisals by two different appraisers but the preparers of only one of the appraisals testified as witnesses. The TC thoroughly discredited the appraisal prepared [...] US Tax Court, T.C. Memo. 2010-196, Sept. 8, 2010: An appraisal submitted in support of a claimed deduction for contribution of a conservation easement was not a qualified appraisal because it didn’t include the easement contribution date, the date the appraisal was performed, or the appraised fair market value of the easement contribution on the contribution [...] United States Court of Appeals, Fifth Circuit, No. 09-60085, August 10, 2010: Decides several issue about the deductibility and appraisal of a façade easement’s affect on the value of a building owned in common with the building being protected, vacating the Tax Court’s 2008 decision and remanding for further proceedings. Taxpayer Whitehouse (“W”) owned the contiguous [...] United States Tax Court, no. 15171-08, July 14, 2010: Holds (a) a mandatory cash payment by taxpayers to a façade easement grantee was not a “contribution or gift” under Income Tax Regulation 1.170A because taxpayers did not sustain their burden of proving either that the payment was not made as a quid pro or, if they [...] The FY 2011 Massachusetts state budget amends the state’s Historic Rehabilitation Tax Credit, previously set to expire in 2011, to sunset 12/31/2017. According to the Massachusetts Historical Commission website, “Under the program a certified rehabilitation project on an income-producing property is eligible to receive up to 20% of the cost of certified rehabilitation expenditures in state [...] Superior Court of New Jersey, Appellate Division, No. A-2391-08T2, June 25, 2010: A 2007 legislative amendment retroactively increasing the number of days of public access required for a certified historic site to get a tax exemption was upheld as applicable to the petitioner Cottage Club despite an earlier NJ Supreme Court order. At issue was whether [...] Supreme Court of New Hampshire, No. 2009-335, May 20, 2010 The amicus briefs of National Trust for Historic Preservation and Trust for Architectural Easements supporting a rehearing in Kaufman v. Commissioner of Internal Revenue are available. The key issue is whether a mortgage holder’s priority claim on casualty insurance and condemnation proceeds causes a “conservation restriction” to lose its status as perpetual (under IRS regs) notwithstanding [...] U.S. Tax Court, 134 T.C. No. 9, April 26, 2010 The Tax Court rejected a deduction for a façade easement that was subordinate to a mortgage, but denied the IRS summary judgment as to whether a companion cash contribution was a conditional gift. Because the superior mortgagee would have a prior claim to condemnation and insurance proceeds, [...] Preservation Alliance of Minnesota, among other sources, reports, “State Historic Rehabilitation Tax Credit signed into law… [April 1, 2010] by Governor Tim Pawlenty through Jobs Stimulus Bill”. Click here to [...] United States Tax Court, T.C. Memo. 2010-45, March 11, 2010 Although the petitioner-taxpayer lost in this case, the Tax Court agreed to apply the “substantial compliance doctrine” to the question of whether the petitioner complied with the requirements of sec. 1.170A-13, Income Tax Regs. regarding a non-cash charitable contribution. The court wrote, “Under the substantial compliance doctrine, [...] FR Doc 2010-4473, Federal Register: March 4, 2010 (Volume 75, Number 42) The IRS issued a routine notice and request for comments: “Internal Revenue Code section 170(h) describes situations in which a taxpayer is entitled to a deduction for a charitable contribution for conservation purposes of a partial interest in real property. This regulation requires a taxpayer [...] by Janet Urquhart, The Aspen Times Saturday, February 13, 2010 “ASPEN — Colorado is poised to clamp down on how much tax revenue it is willing to forego to facilitate the conservation of land, and the move is getting close scrutiny from both the Aspen Valley Land Trust and the Pitkin County Open Space and Trails [...] |
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