In addition, Notice 2017-10 says that advisors who provide material assistance with respect to organizing, managing, promoting, selling, implementing, insuring, or carrying out the easement transaction since 2010 also are required to report the transaction to the IRS and maintain a list of investors in the deal. A material advisor in a listed transaction must file IRS Form 8918 to comply with this notice requirement. … [Read more...] about Investors in Many Syndicated Conservation Easement Deals Must Notify the IRS
Conservation easement investment
Easements can be a useful preservation tool for both parties - the owner who donates certain rights to an easement-holding organization, as well as the preservation organization. By having regulatory control over changes that can be made to a building, a preservation organization helps maintain a city's architectural heritage. The property owner benefits from the federal income tax deduction for the value of the easement. Federal estate taxes may also be reduced. … [Read more...] about Easements protect historic buildings, but at what cost?
Forest, Environmental Groups Weigh in on Biomass AppealForest industry groups filed a petition with the U.S. Court of Appeals for the District of Columbia Circuit on August 19 to extend the appeals deadline for a case that vacated a rule exempting biomass from significant deterioration permits. The groups, including the American Forest and Paper Association, asked the court to extend the August 26 deadline to appeal until after the Supreme Court determines whether it will consider challenges against Environmental Protection Agency greenhouse gas regulatory programs. The next day, environmental groups, including the Center for Biological Diversity, urged the court to deny the forest industry petition. In a July 12 decision, the court struck the agency rule exempting biomass from requiring Title V and prevention of significant deterioration permits. … [Read more...] about Energy and Environment Law Update – August 26, 2013
Washington- The richest package of state tax exemptions and preferences in U.S. history, the package given to Boeing from the State of Washington, faces a concerted assault in the state's upcoming legislative session from labor leaders and lawmakers disgruntled by what they say is the loss of jobs to other states. Specifically, union machinists and aerospace engineers hiked the halls of the state legislative offices asking lawmakers to scale back a lucrative tax break for the Boeing Co. if it continues moving jobs to other states. They have asked lawmakers to consider HB 2147 which would require Boeing maintain a minimum number of jobs to keep its tax break. HB 2147 lapsed in the House Finance Committee in the 2015 session. … [Read more...] about December 2015 State Tax Credits & Incentives Update
PLANNING NOTE 4:Prior to 2005, state estate taxes were credited, dollar for dollar, against the U.S. estate tax, so state estate tax laws were not a big consideration in choice of a state of residence. The extension of the “deduction” regime means that a dollar of state estate tax will reduce U.S. estate tax by only 40 cents. Since many state estate tax rates can reach 16%, the cost of living in a high estate tax state can be very high — increasing overall death taxes from 40% to close to 50%. Yet some states have no estate tax. This, along with many other issues, including income tax rates, should be considered when selecting a state of residence. … [Read more...] about Summary of Estate and Gift Tax Law Changes for 2013