Federal Tax Provisions to Encourage Rehabilitation of Historic Buildings: An Assessment of Their Effect, August 1979

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Heritage Conservation and Recreation Service, U.S. Department of the Interior, 1979 - Architecture - 85 pages
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Page 40 - Is defined as the act or process of returning a property to a state of utility through repair or alteration which makes possible an efficient contemporary use while preserving those portions or features of the property which are significant to its historical, architectural, and cultural values.
Page 31 - Act provides that a deduction is allowed for the contribution to a charitable organization or a governmental entity exclusively for conservation purposes of (1) a lease on, option to purchase, or easement with respect to real property of not less than 30 years' duration or (2) a remainder interest in real property.
Page 31 - For purposes of subparagraph (B), the term 'conservation purposes' means — "(i) the preservation of land areas for public outdoor recreation or education, or scenic enjoyment ; "(ii) the preservation of historically important land areas or structures; or "(iii) the protection of natural environmental systems.".
Page 20 - A structure contributing to the historic significance of a district is one which by location, design, setting, materials, workmanship, feeling and association adds to the district's sense of time and place and historical development. (2) A...
Page 15 - A substantially rehabilitated historic property is any certified historic structure for which the cost of certified rehabilitation (during a 24-month period ending on the last day of any taxable year, less any amounts allowed as depreciation or amortization during this period) exceeds either $5,000 or the adjusted basis of the property, whichever is greater. The adjusted basis is generally the owner's initial cost of the property plus the cost of prior improvements less amounts previously allowed...
Page 20 - ... development intrinsically; or when the integrity of the original design or individual architectural features or spaces have been irretrievably lost. (c) Ordinarily structures that have been built within the past 50 years shall not be considered eligible unless a strong justification concerning their historical or architectural merit is given or the historical attributes of the district are considered to be less than 50 years old.
Page 33 - Act of 1969 states that a gift of an open space easement in gross is to be considered a gift of an undivided interest in property where the gift is in perpetuity.
Page 42 - Rehabilitation" is defined as the process of returning a property to a state of utility, through repair or alteration, which makes possible an efficient contemporary use while preserving those portions and features of the property which are significant to its historic, architectural, and cultural values.
Page 34 - For this purpose an easement in gross is a mere personal interest in, or right to use, the land of another; it is not supported by a dominant estate but is attached to, and vested in, the person to whom it is granted. Thus, for example, a deduction is allowed under section 170 for the value of a restrictive easement gratuitously conveyed to the United States in perpetuity whereby the...

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