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BIG MEDIA TAX ROUNDUP: FACADE EASEMENTS UNDER FIRE

December 23, 2004

The TaxProf has again rounded up tax stories from the big media.

One worth noting is the Washington Post story on the vow by Senator Grassley to shut down deductions for "facade easements," starting right now. These are charitable deductions taken for the promise not to alter the appearance of a historic buildings.

   Grassley emphasized that, while targeting abuses, he 
   continues to support legitimate deductions that 
   promote preservation.

   "Overvalued facade easements are pretty obvious," he 
   said. "For example, it's ridiculous for people in 
   Georgetown to take tens of thousands of dollars in 
   charitable tax deductions for agreeing not to put 
   aluminum siding on their million-dollar brick houses 
   when local laws and regulations already prohibit such 
   activity."

A historic facade?