State or local conservation policy and determining

This preview shows page 39 - 40 out of 43 pages.

state, or local conservation policy and determining ownership of an entity, see You do not have to make this will yield a significant public benefit. Ownership rules below. reduction if everyone with an interest in Ownership rules. An interest in the land (regardless of whether in Specific Instructions property owned, directly or indirectly, by possession) agrees to permanently or for a corporation, partnership, or trust extinguish the retained development Line 1 is considered proportionately owned by right. The agreement must be filed with If the land is reported as one or more or for the entity’s shareholders, this return and must include the item numbers on a Form 706 schedule, partners, or beneficiaries. A person is following information and terms: simply list the schedule and item the beneficiary of a trust only if he or 1. A statement that the agreement numbers. If the land subject to the she has a present interest in the trust. is made under section 2031(c)(5); easement is only part of an item, For additional information, see the 2. A list of all persons in being however, list the schedule and item ownership rules in section 2057(e)(3). holding an interest in the land that is number and describe the part subject to subject to the qualified conservation Qualified Conservation the easement. See the Instructions for easement. Include each person’s Schedule A—Real Estate for Easement name, address, tax identifying number, information on how to describe the A qualified conservation easement is relationship to the decedent, and a land. one that would qualify as a qualified description of their interest; conservation contribution under section 3. The items of real property shown Line 3 170(h). It must be a contribution: on the estate tax return that are subject Using the general rules for describing Of a qualified real property interest, to the qualified conservation easement real estate, provide enough information To a qualified organization, and (identified by schedule and item so the IRS can value the easement. Exclusively for conservation number); Give the date the easement was purposes. 4. A description of the retained granted and by whom it was granted. Qualified real property interest. A development right that is to be qualified real property interest is any of extinguished; Line 4 the following: 5. A clear statement of consent that Enter on this line the gross value at The entire interest of the donor, other is binding on all parties under which the land was reported on the than a qualified mineral interest; applicable local law: applicable asset schedule on this Form A remainder interest; or a. To take whatever action is 706. Do not reduce the value by the A restriction granted in perpetuity on necessary to permanently extinguish amount of any mortgage outstanding.
Image of page 39

Subscribe to view the full document.

Image of page 40
  • Spring '10
  • Jeremy
  • Taxation in the United States, Executor, Estate tax in the United States

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern