TEVCOTrail's End Vizsla Club of Oregon (est. 1992)
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This kind of amendment could, like TEVCO trades and uses of TEVCO-restricted funds, be one of the events to be described and explained in the holder's annual tax return or on the public record.
Some provisions of a TEVCO easement should not be perpetual, but should be expressly specific to a parcel or a circumstance.
The basic recognition of the desirability of a TEVCO could be codified in [section] 170(h)(5)(A) by designating the current second sentence as (5)(A)(i) and adding the following as (5)(A)(ii):
Even so, because climate change, the immediate impetus for the TEVCO proposal, is met with skepticism by some in Congress, and because conservation easements have drawn attention recently for issues relating to valuation and fidelity to the qualifying conservation purposes, it might take a long time for Congress to take action on a TEVCO proposal.
This provision, obviously, could be called a precursor to the TEVCO proposed here.
A Treasury Department willing to further refine its exceptional-cases definition of "perpetual" could make the TEVCO possible merely by adding language to Treasury Regulation [section] 1.
The TEVCO proposal is a variation (albeit a substantial variation) on the themes currently playing in the regulations.
The patchwork of approaches that characterizes the law of non-UCEA states is too diverse to support an unqualified prediction that a TEVCO would be recognized as are other kinds of conservation easements in every jurisdiction.
TEVCO enthusiasts, should there ever be any, might argue that there are many conservation objectives already protected by easements that will surely be compromised by the effects of climate change.
43) A state law designed to facilitate easement amendments allowing TEVCO trading would certainly be subject to challenge (assuming standing) for impairing the contract rights of donors who bargained for the usual provisions of a deductible easement: termination only upon impossibility and with judicial assent.
Whereas the TEVCO rules would ensure the continuation of a public benefit, indeed, the primary express public benefit, the law that applies to existing charitable trusts and restricted gifts (including conservation easements that do not include a provision that allows for TEVCO type trading) requires more: the cy pres standard of impossibility and fidelity to the full set of substantive charitable restrictions typically present in a conservation easement.
Because there has to be a source of funds for the owner of the underlying fee to pay for the release of conservation restrictions, the likeliest circumstance for a TEVCO deal would be one in which there is an immediate demand for remunerative use of the property that is to be unrestricted.