TEMPEL v COMMISSIONER OF INTERNAL REVENUE

US Tax Court, 136 T.C. No. 15, April 5, 2011: Holds transferable Colorado conservation easement tax credits are a capital asset, but the transaction costs to establish the easement are not basis of the asset, and asset holding period began only when the easement donation was complete and the credits were granted by the state.

The Petitioner, [...]

Virginia Historic Tax Credit Fund 2001 LP v Commissioner of Internal Revenue

US Court of Appeals, Fourth Circuit, Nos. 10-1333, 10-1334, 10-1336, March 29, 2011: Reverses the US Tax Court and holds that certain transactions between a partnership to market Virginia historic rehabilitation tax credits and its partners amounted to taxable sales for purposes of federal tax law.

The following are excerpts from the Miller & Chevalier Tax Appellate [...]

Schrimsher v. Commissioner of Internal Revenue

2011 TC Memo 71, March 28, 2011: Upholds IRS disallowance of façade easement tax deduction because the “Preservation and Conservation Easement Agreement” between the taxpayer and the donee did not satisfy the Internal Revenue Code requirement for a contemporaneous written acknowledgment of the gift from the donee — it did not state whether the donee provided [...]

Willowdale v. Board Of Assessors Of Topsfield

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 [...]

Trout Ranch LLC v Commissioner

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 [...]

ROLFS v COMMISSIONER OF INTERNAL REVENUE

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 [...]

Lord V. Commissioner of Internal Revenue

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 [...]

Scheidelman & Perry v Commissioner of Internal Revenue

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 [...]

Minnesota Enacts Historic Preservation Tax Credit

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 [...]

Friedman v Commissioner of Internal Revenue

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, [...]

IRS Notice: No Change in 170(h) Qualified Conservation Contribution Deduction Record-Keeping Requirements

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 [...]

Colorado clamping down on tax credits for land conservation

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 [...]