Private Landowner Network: The Internet destination for conservation information, resources and contacts.

    Search Options
PLN Blog the PLN Blog
Home | Help | Why PLN | Support PLN | Read our current newsletter
your resource for land conservation education and reference PLN Library
Print Page E-mail Page Newsletter Sign-up Add Article to PLN Add Me to PLNPLN FeedbackBookmark and Share
Special rule regarding contributions of capital gain real property for conservation purposes
Special rule regarding contributions of capital gain real property for conservation purposes

In general

Under a temporary provision that is effective for contributions made in taxable years beginning after December 31, 2005,3 the 30-percent contribution base limitation on contributions of capital gain property by individuals does not apply to qualified conservation contributions (as defined under present law). Instead, individuals may deduct the fair market value of any qualified conservation contribution to an organization described in section 170(b)(1)(A) to the extent of the excess of 50 percent of the contribution base over the amount of all other allowable charitable contributions. These contributions are not taken into account in determining the amount of other allowable charitable contributions.

Individuals are allowed to carryover any qualified conservation contributions that exceed the 50-percent limitation for up to 15 years.

Farmers and ranchers

In the case of an individual who is a qualified farmer or rancher for the taxable year in which the contribution is made, a qualified conservation contribution is allowable up to 100 percent of the excess of the taxpayer’s contribution base over the amount of all other allowable charitable contributions.

A qualified farmer or rancher means a taxpayer whose gross income from the trade or business of farming (within the meaning of section 2032A(e)(5)) is greater than 50 percent of the taxpayer’s gross income for the taxable year.

Termination

The special rule regarding contributions of capital gain real property for conservation purposes does not apply to contributions made in taxable years beginning after December 31, 2007.

Description of Proposal

The proposal makes permanent the special rule regarding contributions of capital gain real property for conservation purposes.

Effective Date

The proposal is effective for contributions made in taxable years beginning after December 31, 2007.

 

Search the Library


 
Related Resources
PLN Landowner
Adobe Acrobat PDF DocumentInternal Revenue Code, Section 170(h)

Contributions of capital gain real property for conservation purposes


PLN Professional
IRS Rules

Qualified Conservation Deduction Guidelines Published by IRS

IRS Guidance regarding deductions by individuals for qualified conservation contributions

Adobe Acrobat PDF DocumentMicrosoft Word - NewIncentives 10-14-08.doc

Changes to Colorado's Conservation Income Tax Credit Law

Adobe Acrobat PDF DocumentA Guide To The Tax Aspects Of Conservation Easement Contributions

Post-Mortem Donation of Conservation Easements

Legal Defense And Enforcement Of Conservation Easements

Proper and Improper Deductions for Conservation Easement Donations

Adobe Acrobat PDF DocumentProtecting the public interest and investment in conservation:

Print Page Print PageE-mail Page E-mail PageNewsletter Sign up Newsletter Sign-upAdd Article Add Article to PLNAdd Me Add Me to PLNFeedbackPLN Feedback
Affiliated Sites:
Conservation Tax CenterConservation Tax Center Cooperative Conservation AmericaCooperative Conservation America Maine Conservation CenterMaine Conservation Center Houston Intra-MetHouston Intra-Met California Conservation CenterCalifornia Conservation Center Mississippi Conservation CenterMississippi Conservation Center Arkansas Conservation CenterArkansas Conservation Center Resources First FoundationResources First Foundation
Home | PLN Help | Why PLN | Contact | Support PLN
Find Resources
Terms of Use | Privacy Policy
©2006 Private Landowner Network. All rights reserved.