17 November 2023 IRS releases proposed regulations disallowing certain charitable conservation contributions by partnerships and S corporations The Treasury Department and IRS have released proposed regulations (REG-112916-23) that would disallow a tax deduction for a qualified conservation contribution made by a partnership or an S corporation after December 29, 2022, if the contribution is more than 2.5 times the sum of each partner's or S corporation shareholder's relevant basis. The proposed regulations would include definitions, methods to calculate the relevant basis, the three statutory exceptions to the statutory disallowance rule and reporting requirements. A Tax Alert is forthcoming. Document ID: 2023-1913 |
