Final regulations: Disallowance of deductions for certain conservation easement contributions by partnerships, S corporations

Type
:
Obligation
Tax Area
:
Corporate Income Tax
Status
:
Final Regulations
Qualification
:
Various
Implemented date
:
NA
Country
:
US
Date added
1 Jun
,
2024
Docxster’s Summary

The IRS has issued final regulations that disallow deductions for conservation easement contributions made by partnerships and S corporations. These regulations aim to prevent taxpayers from claiming inflated deductions for these contributions, which have been a popular tax planning strategy in recent years. The regulations also provide guidance on how to allocate deductions among partners and shareholders in these entities. Taxpayers should be aware of these regulations when considering conservation easement contributions as part of their tax planning strategies.

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Source :
KPMG
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