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 [...]
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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, [...] 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, [...] Per the Land Trust Alliance report on March 10, 2010, “the Senate voted 62 to 36 to pass H.R. 4213, a package of tax ‘extenders’ and other provisions that includes a one-year extension of the enhanced tax deduction for conservation easements.” The NRDC reports, however, that the bill, “contains two harmful environmental provisions. One extends liquid [...] |
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Copyright Jonathan Bockian 2012 - All Rights Reserved |
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