Advanced Real Estate Problems: Part II (509)

General Description:

This program reviews and applies "hot topic" transactions including conservation easement donations, structuring utility company payments for easements, and family limited partnership planning and audits.

Learning Objectives:

After completing this course the participant will be able to:

• Evaluate the donation of conservation easements (§170(h)):
• Describe the federal deduction structure (donative intent, habitat, open space, new valuation and appraisal concerns);
• Apply the federal expanded deduction;
• Evaluate the Colorado state tax credit rules.
• Evaluate the best structure for landowners who receive payments for real estate easements:
• Explain what constitutes a "sale" for tax purposes;
• Explain how the tax basis rules apply to the grant of an easement;
• Describe the ordinary income risks for temporary easements;
• Recognize the importance of severance damages and the tax basis implications of this type of damage award.
• Explain the issues and benefits of family limited partnerships (§2036):
• Describe common "retained interest" fact patterns;
• Evaluate Korby, Rosen, and Strangi case law;
• Recognize gift tax issues (gift on formation, Senda and Hackel cases);
• Evaluate and apply recent valuation case law and new appeals settlement guidelines.

Instructors:

James R. Walker is a tax partner and trust and estate partner in the Denver office of Womble Bond & Dickinson. In addition to tax planning, he handles many tax disputes within the federal and state taxing agencies and successfully defended a taxpayer in a regular reviewed decision of the United States Tax Court (Tempel v. Comm'r, 136 T.C. 341 (April 2011), holding proceeds from sale of Colorado easement tax credit qualify as capital gain). Mr. Walker is a Fellow of the American College of Tax Counsel and has been listed as one of the Best Lawyers in America for two decades.

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