Evident IRS believes this worthy conservation scheme has been abused by greedy taxpayers assisted by clever lawyers, crafty accountants, and over-zealous appraisers.
The regulations require us to determine fair market value on the basis of the price that a willing buyer and a willing seller would agree to.
There are some traps you need to watch out for though and that is what I want to tell you about.
Syndicated conservation easements - an industry based on nonsense. The nonsense is the idea that an easement on property can be worth more than the property itself.
Everything becomes a tax story eventually, That is what provides me with a lot of "I was today years old" experiences
Fisher is 71 years old. Using the IRS standard life table there is a better than 90% chance that his 25 years is effectively a life sentence.
The contract indicated that it was for "spousal support" and did not recite the consideration that Cindi was providing.