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Money From Heaven: Should Qualified Air Rights Donations Be Characterized As Interests In Land Or Buildings - Why Does It Matter , Daniel Markey
Money From Heaven: Should Qualified Air Rights Donations Be Characterized As Interests In Land Or Buildings - Why Does It Matter , Daniel Markey
Cleveland State Law Review
Currently, the Internal Revenue Service (hereinafter I.R.S.) and the federal courts do not offer specific positive authority as to whether large amounts of easement value from donated air rights can be allocated against the capital account of "land" as opposed to a "building" on a given tract of real estate. A lack of authority in this area creates uncertainty in the real estate market. This uncertainty is not only with the payment of federal income, estate, and gift taxes, but it also has a ripple effect with the assessment of local property taxes. Most importantly, if a deal is on …