Form It-Consv - Conservation Tax Credit - Page 2
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3IT-CONSV 2008 (10/11)
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C. Calculation of Credit
Part I
1)
Is Donation:
Fee simple conveyance of 100% of all right, title and interest in the entire
parcel of donated property?; or
Conservation easement qualifying under O.C.G.A. § 36-22-2(4)?
Part II
Complete Part II if taxpayer donating the property is a partnership (all other taxpayers must
complete Part III).
1)
What is the fair market value of qualified donation?
$____________________________________________ (Attach Appraisal)
2)
(a) $1 Million Limitation
$1,000,000
(b) 25% Limitation (Line 1 x .25) ____________________
(c) If donation is effected by a sale of property for less than fair market value as established
for the year in which the donation occurred, enter 25% of the difference between fair
market value and the amount paid to the donor $___________________________
(d) Enter the lesser of 2(a), 2(b), or 2(c) $_______________________
Part III
1)
What is the fair market value of qualified donation?
$____________________________________________ (Attach Appraisal)
2)
(a) $500,000 Limitation
$500,000
(b) 25% Limitation (Line 1 x .25) ____________________
(c) If donation is effected by a sale of property for less than fair market value as established
for the year in which the donation occurred, enter 25% of the difference between fair
market value and the amount paid to the donor $___________________________
(d) Enter the lesser of 2(a), 2(b), or 2(c) $_______________________
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