Form LPC-1 Schedule A "Land Preservation Credit - Allocation Schedule and Calculation of Fee" - Virginia

What Is Form LPC-1 Schedule A?

This is a legal form that was released by the Virginia Department of Taxation - a government authority operating within Virginia.The document is a supplement to Form LPC-1, Application for a Land Preservation Credit. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on July 1, 2018;
  • The latest edition provided by the Virginia Department of Taxation;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form LPC-1 Schedule A by clicking the link below or browse more documents and templates provided by the Virginia Department of Taxation.

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Download Form LPC-1 Schedule A "Land Preservation Credit - Allocation Schedule and Calculation of Fee" - Virginia

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Form LPC-1
Application for a Land Preservation Credit
*VALPCA118888*
Schedule A
Allocation Schedule and Calculation of Fee
For an original Land Preservation Tax Credit derived from a donation by joint donors including married taxpayers, provide the information requested for
each person or entity. Credit will be granted to one taxpayer per line per SSN / FEIN.
If you are a pass-through entity (such as an S corporation), provide the information requested for each person or entity receiving a credit amount. A
separate Schedule A must also be completed for each pass-through entity receiving a credit amount. Enclose additional pages, if needed.
If the allocation is to more than 15 persons/entities, we recommend submitting a CD or disc. Please call (804) 786-2992 for disc format.
For a donation made on or before December 31, 2006, complete Section I (if applicable) and II.
For a donation made on or after January 1, 2007, complete Sections I (if applicable), II, and III (if applicable).
Section I - Pass-Through Entity Information
For a Pass-Through Entity, Name
FEIN
Phone Number
For a pass-through entity, do you have a tax matters representative?
Representative’s Phone Number
Original Credit Transaction Number (For Office Use Only)
LP
No
Yes
(Enter name here)
Section II - Credit Holder Information
Amount
Credit Holder Information
Name
SSN / FEIN
Street Address
Entity Type
1.
City, State, ZIP Code
Phone Number
00
Name
SSN / FEIN
Street Address
Entity Type
2.
City, State, ZIP Code
Phone Number
00
Name
SSN / FEIN
Street Address
Entity Type
3.
City, State, ZIP Code
Phone Number
00
Name
SSN / FEIN
Street Address
Entity Type
4.
City, State, ZIP Code
Phone Number
00
Name
SSN / FEIN
Street Address
Entity Type
5.
City, State, ZIP Code
Phone Number
00
Total Credit Amount Allocated
00
Section III - Calculation of Fee (For donations made on or after January 1, 2007.)
(
)
Not Applicable for Donations
$10,000 00
1. Maximum fee that can be charged on this donation for allocations by the donor(s).
Recorded on or after July 1, 2010
2. Enter the amount of fee that has been previously paid by this donor(s) on this donation.
(
)
Not Applicable for Donations
3. Line 1 minus Line 2. (If the amount is zero or less, stop here. No additional fee is due.)
Recorded on or after July 1, 2010
4. Enter the total credit amount allocated, less any gifts.
5. Multiply the total credit amount allocated by 5% (Line 4 times .05).
6. Fee Due - For donations recorded from January 1, 2007 - June 30, 2010, enter the amount from Line 5 or Line 3,
whichever is less; for donations recorded on or after July 1, 2010, enter the amount for Line 5.
Va. Dept. of Taxation 4901040-W Rev. 07/18
Form LPC-1
Application for a Land Preservation Credit
*VALPCA118888*
Schedule A
Allocation Schedule and Calculation of Fee
For an original Land Preservation Tax Credit derived from a donation by joint donors including married taxpayers, provide the information requested for
each person or entity. Credit will be granted to one taxpayer per line per SSN / FEIN.
If you are a pass-through entity (such as an S corporation), provide the information requested for each person or entity receiving a credit amount. A
separate Schedule A must also be completed for each pass-through entity receiving a credit amount. Enclose additional pages, if needed.
If the allocation is to more than 15 persons/entities, we recommend submitting a CD or disc. Please call (804) 786-2992 for disc format.
For a donation made on or before December 31, 2006, complete Section I (if applicable) and II.
For a donation made on or after January 1, 2007, complete Sections I (if applicable), II, and III (if applicable).
Section I - Pass-Through Entity Information
For a Pass-Through Entity, Name
FEIN
Phone Number
For a pass-through entity, do you have a tax matters representative?
Representative’s Phone Number
Original Credit Transaction Number (For Office Use Only)
LP
No
Yes
(Enter name here)
Section II - Credit Holder Information
Amount
Credit Holder Information
Name
SSN / FEIN
Street Address
Entity Type
1.
City, State, ZIP Code
Phone Number
00
Name
SSN / FEIN
Street Address
Entity Type
2.
City, State, ZIP Code
Phone Number
00
Name
SSN / FEIN
Street Address
Entity Type
3.
City, State, ZIP Code
Phone Number
00
Name
SSN / FEIN
Street Address
Entity Type
4.
City, State, ZIP Code
Phone Number
00
Name
SSN / FEIN
Street Address
Entity Type
5.
City, State, ZIP Code
Phone Number
00
Total Credit Amount Allocated
00
Section III - Calculation of Fee (For donations made on or after January 1, 2007.)
(
)
Not Applicable for Donations
$10,000 00
1. Maximum fee that can be charged on this donation for allocations by the donor(s).
Recorded on or after July 1, 2010
2. Enter the amount of fee that has been previously paid by this donor(s) on this donation.
(
)
Not Applicable for Donations
3. Line 1 minus Line 2. (If the amount is zero or less, stop here. No additional fee is due.)
Recorded on or after July 1, 2010
4. Enter the total credit amount allocated, less any gifts.
5. Multiply the total credit amount allocated by 5% (Line 4 times .05).
6. Fee Due - For donations recorded from January 1, 2007 - June 30, 2010, enter the amount from Line 5 or Line 3,
whichever is less; for donations recorded on or after July 1, 2010, enter the amount for Line 5.
Va. Dept. of Taxation 4901040-W Rev. 07/18
Instructions for LPC-1, Schedule A,
Allocation Schedule and Calculation of Fee
Lines not mentioned below are self-explanatory.
This schedule should be used by multiple donors (including
fee. Because the statute relates the 2% fee to the donated
married spouses when both are on the deed) and pass-
interest and the credit is 40% of that figure, when calculating
through entities to report the details of their credit allocations.
the fee at the credit level it equates to 5% of the credit amount
being transferred or allocated. An example of the calculation
A pass-through entity may appoint a Tax Matters Representative
is as follows:
whom the Tax Commissioner may consult with regarding
credits that have been allocated or transferred. This
$10,000 (donated interest being
representative may be a general partner, a member, a
transferred/allocated)
manager or a shareholder. If a Tax Matters Representative
Scenario
has been appointed, check the “yes” box and enter the
Presented
x
.02 (fee multiplier imposed
representative’s name and phone number in the appropriate
in Va. Code
by statute)
boxes.
§ 58.1-513
$200 (fee dollars collected by
If you are a pass-through entity (such as an S corporation),
statute)
provide the information requested for each person or
pass-through entity receiving a credit. A separate LPC-1
Schedule A must be completed for each additional entity
$10,000 (donated interest being
receiving a credit.
transferred/allocated)
Enclose additional pages, if needed.
Calculation of
x
.40 (credit multiplier imposed
For a donation made on or before December 31, 2006,
Credit Value
by statute)
complete Section I (if applicable) and II.
$4,000 (credit value of the
For a donation made on or after January 1, 2007,
donated interest)
complete Sections I (if applicable), II, and III. Please note
multiple owners who are listed separately on the deed do
If $200 is the amount of fee collected at the
not owe a fee.
donated interest level, what percentage of the
If the allocation is to more than 15 persons/entities, we
credit value generates the same fee amount?
recommend submitting a CD or disc. Please call (804)
786-2992 for the required spreadsheet format.
$4,000(x)
= $200
Section III – Calculation of Fee
Same Scenario
Based on Credit
x
= $200 / $4,000
General Information
Value
This section must be completed for an allocation made by a
x
= .05 or 5%
pass-through of a credit which derived from a donation made
on or after January 1, 2007.
For donations recorded from January 1, 2007 - June 30, 2010,
A 2% fee of the appraised value of the donated interest is
the fee is capped at $10,000 per credit holder per donation.
imposed on all transfers arising from the sale of credits and
For donations recorded on or after July 1, 2010, the cap
on pass-through allocations.
has been removed. If you are transferring/allocating credits
For deaths of credit holders who originally earned the credit
derived from more than one donation, you must file a separate
that occur on or after July 1, 2018, the 2% transfer fee does
LPC-1 Schedule A for the credits derived from each donation
not apply to credits transferred to a designated beneficiary
and your fees may exceed $10,000. This fee does not apply to
or the next person who is eligible to receive the credit,
transfers/allocations made in 2007 and beyond on donations
according to the rules of intestate succession as described
made prior to January 1, 2007.
in Va. Code § 64.2-200.
The Department of Taxation recommends that you pay
A pass-through entity is exempt from the 2% fee to the
with a certified check or money order. Personal checks
extent credits are distributed to nonresident owners and the
may delay the processing of your transfers/allocations.
pass-through entity applies such credits to the pass-through
entity withholding tax. Credits distributed to resident owners
and nonresident owners who are not subject to the pass-
through entity withholding tax remain subject to the transfer
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