Claims court grants IRS summary judgment denying deduction for claimed conservation easement

Article Abstract:

The US Court of Federal Claims' 1997 decision granting the IRS' summary judgement motion in Great Northern Nekoosa v. United States was based upon an incorrect interpretation of IRS regulations under IRC section 170. The taxpayer was denied a charitable conservation deduction because it retained a qualified mineral interest. That interest was not de minimis because the retained interest was for surface mining which the court found to be per se prohibited.

Cases, Easements, Tax deductions, Charitable contributions, Charitable donations

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IRS rules that receipt of federal disaster relief does not adversely affect amount of low income housing credit

Article Abstract:

A 1996 IRS revenue ruling says that a taxpayer who receives Federal Emergency Management Agency (FEMA) relief money remains eligible to claim the full amount of the low income housing credit. According to the IRS, the FEMA funds do not reduce the credit because the relief aid is available merely to restore the taxpayer's building to its previous state prior to the disaster.

Other Justice, Public Order, and Safety Activities, Administration of Housing Programs, Disaster Aid, Low Income Housing Prgrms, Laws, regulations and rules, Finance, Public housing, Housing policy, Disaster relief, Low income housing tax credit, United States. Federal Emergency Management Agency, Disaster victims

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