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How to Screw Up an Easement Deduction
That’s a nice looking facade and I’m glad it is being preserved. It is a shame that the deduction was lost due to seemingly elementary errors. The donation is supposed to be for no consideration and the charity is supposed to explicitly state that in its acknowledgment. The instructions for Form 8283 are fairly explicit. For a deduction of $705,000, a little effort would seem to be reasonable.
Faster Basis Recovery Allowed When Earn-out Payments Unlikely
Originally published on Passive Activities and Other Oxymorons on May 25th, 2011. ____________________________________________________________________________ Private...
From The Boston Tax Institute
Originally published on Passive Activities and Other Oxymorons on May 24th, 2011. ____________________________________________________________________________ Boston...
Assignment of Refund
Originally published on Passive Activities and Other Oxymorons on May 23rd, 2011. ____________________________________________________________________________ CCA...
How Forgiven Debt Begets Tax Issues
Originally published on Passive Activities and Other Oxymorons on May 23rd, 2011. ____________________________________________________________________________...
Dealership With Multiple Franchises Cannot Separate Goodwill
Originally published on Passive Activities and Other Oxymorons on May 20th, 2011. ____________________________________________________________________________ LAFA...
Personal Service Corporation and C Corp – Recipe for Disaster
Originally published on Passive Activities and Other Oxymorons on May 19th, 2011. ____________________________________________________________________________ Mulcahy,...
Conservation Easesments A New Field For Villainy
This disinclination to mix charitable endeavors with scamming caused me to miss some of the potential in conservation easements. I remember talking to one of my clients who deals in land and asking him what it really meant to own 10,000 acres of land somewhere. What is that you really have? His answer was “a bundle of rights”. Included in that bundle is the right to do some level of developing subject to local zoning. This might be a valuable right or it might not. If the property is already at its “highest and best use”, which in appraiser speak is the use that gives you the greatest economic return then your development rights are of negligible value.
More From The Boston Tax Institute
Originally published on Passive Activities and Other Oxymorons on May 17th, 2011. ____________________________________________________________________________ Boston...
Serial Guest Blogger Comments on Family Limited Partnership Case
Originally published on Passive Activities and Other Oxymorons on May 17th, 2011. ____________________________________________________________________________ Matt...