Federal Tax incentives for Conservation Easements

Few question regard's Conservation Easements Tax credit / Deductions.

Scenario: land purchased many years ago for 100K, today having a fair market value of $10M.
A conservation easement will prevent any development and lower its value to $1 million therefor result in a $9M available for tax deductions.


1.) Considered Credit or Deductions ? (reducing my taxable income or my tax bill dollar to dollar.)
2.) Since it is non cash contribution, do i get taxed on the profit margin that i'm claiming as deduction.
3.) If Q#2 is true, do the total value would be considered as taxable realize gain (100K to a $1M margin).
4.) Are thos Tax credit / Deductions - transferable, could be sold ? if yes how & where?
3.) If Q#4 is true and #2 is a NO, do i get taxed on that sale and how?


Thanks in advance for any input.

 

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