Provides an election to resolve certain open partnership controversies involving donations of conservation easements.

The bill allows partnerships to make an election to resolve certain open partnership controversies involving donations of conservation easements. The election permits the partnership to resolve the controversy by paying a settlement amount, which includes a tax component and a penalty component. The election is irrevocable and binding on the partnership and its partners. The bill also amends the Internal Revenue Code to revise the standard for certain qualified conservation contributions and certified historic structures.

Provides an election to resolve certain open partnership controversies involving donations of conservation easements.

The bill allows partnerships to make an election to resolve certain open partnership controversies involving donations of conservation easements. The election permits the partnership to resolve the controversy by paying a settlement amount, which includes a tax component and a penalty component. The election is irrevocable and binding on the partnership and its partners. The bill also amends the Internal Revenue Code to revise the standard for certain qualified conservation contributions and certified historic structures.