IR-2023-73, Treasury, IRS issue safe harbor deed language for extinguishment and boundary line adjustment clauses

IRS Newswire April 10, 2023
News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News Home IRS Resources Contact My Local Office Filing Options Forms & Instructions Frequently Asked Questions News Taxpayer Advocate Where to File IRS Social Media	Issue Number:    IR-2023-73 Inside This Issue Treasury, IRS issue safe harbor deed language for extinguishment and boundary line adjustment clauses  IR-2023-73, April 10, 2023  WASHINGTON – The Treasury Department and Internal Revenue Service today issued Notice 2023-30 providing safe harbor deed language for extinguishment and boundary line adjustment clauses as required by the SECURE 2.0 Act of 2022. Notice 2023-30 will be published in the Internal Revenue Bulletin on April 24. Section 605(d)(2) of the SECURE 2.0 Act provides donors the opportunity to amend certain conservation easement deeds to substitute the safe harbor language for the corresponding language in the original deed. Taxpayers will have until July 24, 2023, to record their safe harbor deed amendments. This safe harbor notice addresses only corrections to extinguishment and/or boundary line adjustment clauses in accordance with the SECURE 2.0 Act. This safe harbor notice does not address any other deed amendments. Donors are not required to amend their deeds to include the safe harbor language in the notice.  Section 605(d)(2) of the SECURE 2.0 Act applies only if the amendment is effective as of the date of the recording of the original easement deed. Notice 2023-30 provides that if a donor substitutes the safe harbor deed language for the corresponding language in the original eligible easement deed, and the amended deed is signed by the donor and donee and recorded on or before July 24, 2023, the amended eligible easement deed will be treated as effective for purposes of § 170, § 605(d)(2) of the SECURE 2.0 Act and Notice 2023-30 as of the date the eligible easement deed was originally recorded, regardless of whether the amended eligible easement deed is effective retroactively under relevant state law.   Back to Top         Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.

 

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