The IRS on Monday issued final guidance on an amendment to the US tax code limiting partnerships’ ability to take a tax deduction for charitable contributions of conservation easements.
Conservation easements have increasingly faced criticism from the IRS, which has argued that many deductions are often highly inflated appraisals of what the donated rights are worth. When the agency proposed rules in November disallowing tax deductions for qualified conservation contributions made by partnerships or S corporations, Commissioner Danny Werfel said the regulations “will stem the tide of certain syndicated conservation easements that are nothing more than retail tax shelters.”
The ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.