Conservation Easements: Defending IRS Challenges, Overcoming Audits, Structuring Deed Language for Perpetuity
Note: CPE credit is not offered on this program
Recording of a 90-minute CLE webinar with Q&A
This CLE course will address how to defend IRS attacks on conservation easement deductions. The panel will discuss the most common methods of attack, the impact on the transaction's viability, and guidance on staving off challenges and preserving both the deal and the tax benefits for potential donors.
Outline
- Conservation easements overview
- Preserving the deduction through careful drafting
- Guidance for donor-landowners
- Guidance for donees
- Troublesome clauses
- Deemed consent provisions
- Proceeds clause
- Proceeds allocation formula
- Proceeds attributable to post-easement improvements
- Proceeds from third-party contracts
- Amendment clause
- Merger clause
- Reserve development sites
- Form 8283
- Case law developments
Benefits
The panel will review these and other key issues:
- What are the most common methods of attack on easement deductions?
- How can counsel reconcile the apparent discrepancy in how tax courts and the IRS address perpetuity issues in conservation easement deeds?
- What are the more troublesome agreement provisions for counsel preparing a sturdy conservation easement?
Faculty
Anson H. Asbury, J.D., LL.M.
Founder and Principal
Asbury Law Firm
Mr. Asbury has represented clients in federal and state tax controversies, tax litigation, business tax planning and... | Read More
Mr. Asbury has represented clients in federal and state tax controversies, tax litigation, business tax planning and corporate organization for nearly 20 years. He has successfully defended over $500 million of federal income tax adjustments for his clients, ranging from individuals to Fortune 500 companies. Mr. Asbury has represented clients across the country in numerous docketed cases in the U.S. Tax Court, U.S. Court of Federal Claims, and U.S. District Courts. The substantive issues in those cases have included conservation easement donations, various listed transactions, net operating loss deductions, business expenses, alimony deductions, and foreign tax credits. He is a nationally recognized speaker, often appearing on panels alongside members of the U.S. Tax Court.
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Brian Gardner, J.D., LL.M.
Shareholder
Asbury Law Firm
Mr. Gardner focuses his practice on tax controversy and litigation matters. He represents taxpayers in all phases of... | Read More
Mr. Gardner focuses his practice on tax controversy and litigation matters. He represents taxpayers in all phases of tax litigation including U.S. District Courts, U.S. Tax Court, United States Courts of Appeals, and the Georgia Tax Tribunal. Brian has extensive experience working with the IRS and the Georgia Department of Revenue in matters concerning, among other things, defense of conservation easements, passive activity losses, net operating losses, estate taxes, 831(b) captive insurance, promoter penalties, employment taxes, and international tax issues.
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Gregory P. Rhodes
Shareholder
Sirote & Permutt
Mr. Rhodes’ practice focuses on tax controversy and litigation work, as well as tax planning for individuals and... | Read More
Mr. Rhodes’ practice focuses on tax controversy and litigation work, as well as tax planning for individuals and closely held businesses, including income taxes, estate and gift taxes, state and local taxes, and business transactions. He has represented partnerships, corporations and individuals as a first chair trial attorney in high-stakes federal and local tax litigation throughout the country. Mr. Rhodes also works in the area of international taxation, including helping individuals and businesses comply with current foreign income tax filing obligations and curing past FBAR, FATCA or other filing omissions. He is a frequent lecturer and author on tax topics.
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