LPC-1 Schedule C: Statement by the Recipient with Respect to Tax Credits of $1 Million or More From a Donation Made on or After 1/1/07 of Fee Simple Interest in Land (2024)
Virginia · Virginia Tax · Used for tax years 2024
Virginia Form LPC-1 Schedule C is a recipient statement supporting a Land Preservation Credit application for tax credits of $1 million or more from a fee simple land donation made on or after January 1, 2007. It describes the property's conservation purposes, the recipient's rea
Who files this form
Schedule C is the recipient’s statement for an application for land preservation tax credits of $1 million or more from a donation made on or after January 1, 2007.
Complete it when the donation is a full or partial gift of a fee simple interest in land to a public or private conservation agency, called the donee. The donee must sign the statement attesting to the accuracy of the conservation-value information provided.
What you'll need
Attach documentation as needed to support each response, and use additional sheets if you need more space for complete answers.
Prepare information covering:
- How the property meets at least one conservation purpose listed in Schedule B, Section I.
- Why the donee accepted the gift and how its ownership protects the identified conservation purposes.
- How the public will benefit from protecting the property’s conservation values.
- Water quality best management practices to be implemented, if applicable.
- Any forest management plan included in the donation’s terms, if the property is fully or partially forested and a plan applies.
The form also asks for the credit holder’s name and SSN or FEIN, plus the authorized representative’s signature, date, printed name, and title.
Common mistakes
- Giving incomplete answers. Provide brief but complete answers to each question, with supporting documentation as needed.
- Leaving out details because space is limited. Attach additional sheets when necessary for a complete answer.
- Signing without reviewing the statement. The donee must review it carefully before signing and attest to the accuracy of the information provided or attached.
Questions people ask
Can a partial gift qualify for this Schedule C requirement?
Yes. The form covers full or partial gifts in fee simple to a public or private conservation agency when the application is for tax credits of $1 million or more from a donation made on or after January 1, 2007.
Which conservation purposes should the response address?
Describe how the donated property meets at least one of the conservation purposes listed in Schedule B, Section I.
Do I need to describe a forest management plan?
If the property is fully or partially forested, describe any forest management plan included in the terms of the donation, if applicable.
Who must sign Schedule C?
The donee must sign, attesting to the accuracy of the conservation-value information provided or attached. The signature area asks for the authorized representative’s signature, date, printed name, and title.