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256-acre gift a bit wait-and-see

Source: 
Arkansas Online
Author: 
Jaime Adame
Date: 
Sunday, June 5, 2016

"The Razorback Foundation, a public charity that supports University of Arkansas at Fayetteville athletics, took control in January 2015 of about 256 acres adjacent to the park. The property, west of South Cato Springs Road and near the Interstate 49 intersection, was a gift from Dallas Cowboys owner Jerry Jones and his wife, Gene.

The foundation declined to comment about plans for the land, as they did when the gift was announced. But with an $8.7 million "fair market value" reported by the foundation last month to the Internal Revenue Service, the mostly undeveloped land once again may be viewed by some as a destination for commercial or residential development.

...

Bruce Hopkins, a professor at the University of Kansas School of Law, said federal tax law requires that the donor of a land gift obtain an independent, qualified appraisal to claim a tax deduction. The law does not require the nonprofit receiving the gift to do the same, Hopkins said, but such organizations 'should do the same, to properly book the land's value.'"

Faculty name: 
Bruce Hopkins