Oklahoma Agreement for Donation of Land to City

State:
Multi-State
Control #:
US-00207
Format:
Word; 
Rich Text
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Description

This Agreement for Donation of Land to City is an Agreement to donate land to the city with a reverter clause. Tthe Owners have offered to donate the specified land, subject to certain conditions as identified in the Agreement and the City will agree to those terms. The Owners will also have a right of first refusal to match the price and terms of any proposed sale of any of the property donated to the City. This Agreement can be used in any state.
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FAQ

Section A. Donated Property of $5,000 or Less and Publicly Traded SecuritiesList in this section only an item (or a group of similar items) for which you claimed a deduction of $5,000 or less. Also list publicly traded securities and certain other property even if the deduction is more than $5,000.

A donation agreement, also called a charitable gift agreement, is a document that established proof of a donation or gift to a charitable organization.

It must be made in a public instrument. Meaning, the deed of donation must be notarized.

Mandatory Requirements:Notarized Deed of Donation but only photocopied documents shall be retained by BIR; (One (1) original copy and two (2) photocopies) TIN of Donor and Donee/s; One (1) original copy for presentation only) Proof of claimed tax credit, if applicable; (One (1) original copy and two (2) photocopies)

Your basis for figuring a loss is the FMV of the property at the time the donor made the gift, plus or minus any required adjustments to basis while you held the property.

A Deed of Donation transfers property from the owner (the donor) to another person (the donee) by way of donation. The Deed of Donation is usually executed for the love, gratuity and affection the donor has for the donee (e.g. from a parent to a child).

Mandatory Requirements:Notarized Deed of Donation but only photocopied documents shall be retained by BIR; (One (1) original copy and two (2) photocopies)TIN of Donor and Donee/s; One (1) original copy for presentation only)Proof of claimed tax credit, if applicable; (One (1) original copy and two (2) photocopies)More items...

Form 8283 is filed by individuals, partnerships, and corporations. C corporations. C corporations, other than personal service corporations and closely held corporations, must file Form 8283 only if the amount claimed as a deduction is more than $5,000 per item or group of similar items.

Donation is an act of liberality whereby a person disposes gratuitously of a thing or right in favor of another, who accepts it. An agreement between the donor and the donee is essential like in any other contract.

Purpose of Form. Donee organizations use Form 8282 to report information to the IRS and donors about dispositions of certain charitable deduction property made within 3 years after the donor contributed the property.

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Oklahoma Agreement for Donation of Land to City