Schedule A (Form Lpc-1) - Allocation Schedule And Calculation Of Fee Page 2

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How to Complete LPC-1, Schedule A. (Allocation Schedule and Calculation of Fee)
Lines not mentioned below are self-explanatory.
amount being transferred or allocated. An example of
the calculation is as follows:
This Schedule should be used by multiple donors
(including married spouses when both are on the deed)
$10,000 (donated interest
Scenario
and pass-through entities to report the details of their
being transferred/allocated)
Presented
credit allocations.
x .
02 (fee multiplier
in Va. Code
imposed by statute)
§ 58.1-513
A pass-through entity may appoint a Tax Matters
$200 (fee dollars collected
Representative whom the Tax Commissioner may
by statute)
consult with regarding credits that have been allocated or
transferred. This representative may be a general partner,
$10,000 (donated interest
a member, a manager or a shareholder. If a Tax Matters
being transferred/allocated)
Calculation
Representative has been appointed, check the “yes” box
x
.40 (credit multiplier
of Credit
and enter the representative’s name and phone number
imposed by statute)
Value
in the appropriate boxes.
$4,000 (credit value of the
donated interest)
•
If you are a pass-through entity (such as an S
Corporation), provide the information requested for
If $200 is the amount of fee collected at the donated
each person or pass through entity receiving a credit.
interest level, what percentage of the credit value
A separate Schedule A must be completed for each
generates the same fee amount?
additional entity receiving a credit.
•
Attach additional pages, if needed.
Same
•
For a donation made on or before December 31, 2006,
$4,000 (x) = $200
scenario
complete Section I (if applicable) and II.
x = $200/$4000
based on
•
For a donation made on or after January 1, 2007,
x = .05 or 5%
credit value
complete Sections I (if applicable), II and III. Please
note multiple owners who are listed separately on the
For donations recorded from January 1, 2007 - June 30,
deed do not owe a fee.
fee is capped at $10,000 per credit holder per
2010, the
•
If the allocation is to more than 15 persons/entities,
donation. For donations recorded on or after July 1,
we recommend submitting a CD or disc. Please call
2010, the cap has been removed. If you are transferring/
804-786-2992 for the required spreadsheet format.
allocating credits derived from more than one donation,
you must file a separate LPC-1, Schedule A for the credits
Section III – Calculation of Fee
derived from each donation and your fees may exceed
$10,000. This fee does not apply to transfers/allocations
General Information
made in 2007 and beyond on donations made prior to
January 1, 2007.
This section must be completed for an allocation made by
a pass-through of a credit which derived from a donation
TAX recommends that you pay with a certified check
made on or after January 1, 2007.
or money order. Personal checks may delay the
processing of your transfers/allocations.
A 2% fee of the appraised value of the donated interest
shall be imposed on all transfers arising from the sale
of credits and on all pass-through allocations. Because
the statute relates the 2% fee to the donated interest
and the credit is 40% of that figure, when calculating
the fee at the credit level it equates to 5% of the credit
Va. Dept. of Taxation LPC-1 W (Rev 06/10)

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