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****** Scenario 1: Conservation Easement Donation Taxpayers own a large...

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Accounting

******
Scenario 1: Conservation Easement Donation
Taxpayers own a large parcel of land with significant ecological value. Adjusted basis: $800,000
They donate a conservation easement, reducing the property's development potential.
Qualified appraisal determines the fair market value of the land is $3,000,000 before the easement and $1,500,000 after.
Wages: $150,000(combined)
Interest and Dividend Income: $2,000
Itemized Deductions: $30,000(before considering the easement)
Allowable deduction for self-employment tax: None
Calculate:
The potential charitable deduction for the easement donation.
AGI, Taxable Income, and Total Tax Liability
Analyze the income limitations for this type of charitable contribution.

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