It seems that San Francisco may have just partially removed its exception from transfer tax that applied to gifts, but the Office of the Assessor-Recorder may not be aware. As a bit of background, transfer tax applies to transfers of
Law on Purpose
Perspectives on Social Enterprise, Impact Investing & Philanthropy
Law on Purpose, published by Coblentz Patch Duffy & Bass LLP, focuses on legal issues related to conservation easements, tax deductions, and real estate transactions involving environmental and land use considerations. The blog covers topics such as IRS scrutiny of syndicated conservation easements, legislative and regulatory developments affecting transfer fees and easement provisions, and court cases impacting the interpretation and enforcement of conservation easements. It also addresses challenges faced by land trusts and conservation organizations, including tax shelter abuses and compliance with federal and state laws. The content is relevant to attorneys, landowners, conservation advocates, and professionals involved in environmental law and property rights.
Latest from Law on Purpose - Page 3
IRS Updates Conservation Easement Audit Techniques Guide
On November 4, 2016, the IRS updated its Conservation Easement Audit Techniques Guide (CE Audit Guide) for the first time since March 15, 2012.
According to the IRS’s introduction on its Audit Techniques Guide website, Audit Techniques Guides (ATGs)…
Private Ruling Exempts Property Management Services from Self-Dealing
A new private ruling may be of great interest to clients with substantial real estate interests who wish to contribute one or more properties to a family foundation. The ruling suggests that payment by the foundation to a property management…
What Your Nonprofit Needs to Know Before Advocating a Political Agenda
A Brief Case Study: Your nonprofit’s founder sends out an email in their official capacity to all of its members urging the them to vote for or against a political candidate or for or against a local proposition.
It may…
Transferee Liability: The [Unlikely] Situation that your Nonprofit Receives a Charitable Gift with Expensive Tax Strings Attached
The case of Salus Mundi Foundation et al v. Commissioner
On August 15, 2016, the Tax Court decided in Salus Mundi Foundation et al v. Commissioner, T.C. Memo. 2016-154, that two foundations were liable as transferees for a corporation’s…
Takeaways From SOCAP16: The Social Capital Markets Conference
This month more than 2,500 people gathered at the ninth Social Capital Markets (SOCAP) conference, billed as the intersection of money and meaning. The conference is designed to be the place where businesses built to solve the biggest problems…
Investing Private Foundation Assets: What Every Foundation Manager Should Know
Lurching Towards Perpetuity
By Bill Hutton
The Tax Court, in a case of first impression, has recently ventured into the perpetuity minefield. One Dr. Douglas Carroll and spouse Deirdre Smith, of Baltimore, Maryland, conveyed a conservation easement in 2005 over approximately 26 acres of open land…
Thinking of Crowdfunding Your Project? Beware – the Taxman Cometh
By Julie Treppa
The IRS Office of Chief Counsel recently released Information Letter 2016-0036 in response to questions regarding the taxation of crowdfunding revenue. In it the IRS concluded that crowdfunding revenue is taxable to the extent it is received in exchange for…
Conserve Your Land, Preserve Your Estate: The Conservation Easement as a Land Use, Tax & Estate Planning Tool
By Misti Schmidt & Hons Yung
