In a split decision released on November 30, 2016, the U.S. Tax Court has ruled against Lawrence and Lorna Graev’s latest legal challenge against the IRS. Specifically, the Tax Court held that the Graevs could properly be assessed a 20% penalty for substantial underpayment of tax. This was in connection with the Graevs’ failed attempt to claim a deduction for the façade easement that they had donated to the National Architectural Trust in 2004. The Tax Court had previously denied this charitable deduction in a 2013 decision—the infamous “side letter” case. Continue reading Graev II: Tax Court Upholds 20% Penalty in “Side Letter” Case
It’s official: Werowocomoco will become a national park. Specifically, it will become part of the Captain John Smith Chesapeake National Historic Trail once it is opened to the public.
Werowocomoco was the capital of the Powhatan Chiefdom in the early 1600s during the time when the English were first colonizing what would later become Virginia. Many of you will remember the familiar story of Captain John Smith and Pocahontas, much of which took place in Werowocomoco. The ruins of the town are located on the bank of the York River in Gloucester County. Continue reading Werowocomoco to Become National Park
On November 24, 2015, the Virginia Department of Taxation released a ruling (P.D. 15-215) holding that Virginia localities are not eligible to claim the land preservation tax credit (LPTC). The term “locality” includes counties, cities, and towns, as defined in Va. Code § 15.2-102. Let’s take a closer look at this ruling. Continue reading No Land Preservation Tax Credit for Virginia Localities
On January 4, 2016, the U.S. Tax Court released an opinion denying the tax deduction for the façade easement at issue in Gemperle v. Commissioner, T.C. Memo. 2016-1. This tax deduction was denied mainly because the landowners did not attach the required appraisal to their federal tax return. Let’s take a closer look at this case. Continue reading Failure to Attach Appraisal Fatal to Façade Easement Deduction in Gemperle
On Thursday, March 3, 2016, Governor Terry McAuliffe announced that the National Park Service has awarded nearly $2.7 million for projects to protect nine Civil War battlefields located in seven Virginia counties. Continue reading National Park Service Awards Nearly $2.7 Million to Protect Civil War Battlefields in Virginia