Tax Topics - Transactions
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The Syndication of Conservation Easement Tax Deductions
Syndications involving the allocation of tax deductions deserve close scrutiny by the land trust community. Conservation easement law specialist Tim Lindstrom describes the problem in laymen’s terms and provides practical tips for land trusts to avoid deals that seem “too good to be true.” |
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How Does a Charitable Organization Qualify for Property Tax Exemption
This excerpt from the February 5, 2015 City & Town provides definitions of charitable organizations and their qualifications for property tax exemption. |
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Mass State Income Tax Credit for Land Conservation
Massachusetts rewards landowners who donate a real property interest, either outright or through a conservation restriction, with a tax credit of up to $75,000. Conservation Land Tax Credit (CLTC) program information is available at: www.mass.gov/eea/state-parks-beaches/land-use-and-management/land-conservation/massachusetts-conservation-tax-credit-program.html
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MA Income Tax Credit for Land Conservaton Summary Sheet
Summary prepared by The Compact of Cape Cod Conservation Trusts in February of 2013 based on final regulations at 301 CMR 14.00; please confirm with personal tax advisors or Dept. of Revenue. Updated for changes to the program in August of 2015. |
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MA Income Tax Credit for Land Conservation Regulations
The Massachusetts Land Conservation Tax Credit Regulations (301 CMR 14:00) are available here: www.mass.gov/eea/docs/eea/land/conservation-credit-regs.pdf Regulations with updates for changes enacted in August of 2014 to increase the maximum amount of the credit to $75,000 (830 CMR 62.6.4) are available here: www.mass.gov/dor/businesses/help-and-resources/legal-library/regulations/62-00-income-tax/830-cmr-62-6-4.html |
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Federal Conservation Tax Incentives Overview
An overview of the Federal tax incentive for conservation easement (restriction) donations that was enacted by congress in 2006 and recently extended. A booklet explaining how to use the Federal tax incentive is also available. |
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IRS Chief Counsel’s Advice on Valuing Conservation Easements
Response regarding the valuation of perpetual conservation restrictions, or conservation easements. Specifically focuses on the application of the “Contiguous Parcel Rule” and the “Enhancement Rule” found in § 1.170A-14(h)(3)(i) of the Income Tax Regulations. Memo available here:
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The New Mass Conservation Land Tax Credit
The New Mass Conservation Land Tax Credit (12 MB) recorded presentation given by Mark Robinson of The Compact of Cape Cod Conservation Trusts at the Mass Land Trust Coalition's May 11, 2012 Steering Committee Meeting.
The New Mass Conservation Land Tax Credit (PDF without webinar recording) available here |
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Determining the Value of Donated Property
This publication helps donors and appraisers determine the value of property (other than cash) that is given to qualified organizations. It also explains what kind of information you must have to support the charitable contribution deduction you claim on your return. View publication here: www.irs.gov/uac/about-publication-561
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Mass DOR Response on the Valuation of Conservation Restrictions
This DOR response to a question on the valuation of conservation restrictions gives the reason why no set formula for reduction in taxes can be arrived at, but does use mandatory language (underlined) stating that assessors are required to take the restriction into account. |
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Courts to IRS: Ease Up on Conservation Easement Valuations
This article reviews the general requirements for the income tax deduction and applicable limitations, reviews court decisions addressing the valuation of conservation easements and concludes that courts largely find significant value in conservation easements.
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IRS Guidance on Appraisal Requirements
Guidance regarding appraisal requirements for noncash charitable contributions, includes definitions of qualified appraisal and qualified appraiser. This document is a section of IRS Bulletin 2006-46, Notice 2006-96. |
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Tax Considerations for Conservation Restrictions or Donated Land
A brief overview of federal and state income tax, estate tax and local property tax considerations for the donation of conservation restrictions or land |
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IRS Bulletin on Conservation Tax Deductions
Guidance Regarding Deductions by Individuals for Qualified Conservation Contributions. |
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Glass vs IRS 6th Circuit Court Ruling
The tax court decision in favor of the allowability of deduction for the Glass conservation easement is affirmed. |
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Notes on New IRS Form 8283
Guidance for land trusts on IRS Form 8283: What to tell landowners. |
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Saving Open Space in Suburbia
The application of the governmental policy test (originally published in LTA Exchange, Spring 2004) |
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Real Estate Taxes on Restricted Property
What information can be given to assessors who do not take into account a reduced value for conservation restrictions? Here is a Mass Department of Revenue opinion about affordable housing restrictions and how they are to be treated. |
