The update newsletter from RIA's Tax-Exempt Organizations looseleaf service has an article in it about the Internal Revenue Service's cracking down on improper deductions of easements to non-profit organizations.
"A new notice and related news release warn taxpayers that the Internal Revenue Service will disallow improper charitable contribution deductions for transfers of easements (1) on real property to charities, and (2) in connection with purchases of real property from charities.
"Additionally, accuracy-related penalties may be imposed on taxpayers claiming such deductions & excise taxes, and other penalities on non-taxpayer participants in these transactions."
A copy of the IRS announcement and news release is available on their website.
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