< Back to S. 1181 (105th Congress, 1997–1998)

Text of the Endangered Species Habitat Protection Act of 1997

This bill was introduced on September 16, 1997, in a previous session of Congress, but was not enacted. The text of the bill below is as of Sep 16, 1997 (Introduced).

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S 1181 IS

105th CONGRESS

1st Session

S. 1181

To amend the Internal Revenue Code of 1986 to provide Federal tax incentives to owners of environmentally sensitive lands to enter into conservation easements for the protection of endangered species habitat, to allow a deduction from the gross estate of a decedent in an amount equal to the value of real property subject to an endangered species conservation agreement, and for other purposes.

IN THE SENATE OF THE UNITED STATES

September 16, 1997

Mr. KEMPTHORNE introduced the following bill; which was read twice and referred to the Committee on Finance


A BILL

To amend the Internal Revenue Code of 1986 to provide Federal tax incentives to owners of environmentally sensitive lands to enter into conservation easements for the protection of endangered species habitat, to allow a deduction from the gross estate of a decedent in an amount equal to the value of real property subject to an endangered species conservation agreement, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) SHORT TITLE- This Act may be cited as the ‘Endangered Species Habitat Protection Act of 1997’.

    (b) TABLE OF CONTENTS- The table of contents for this Act is as follows:

      Sec. 1. Short title; table of contents.

      Sec. 2. Findings.

      Sec. 3. Nonrefundable credit for the agreement to manage land to preserve endangered species.

      Sec. 4. Enhanced deduction for the donation of a conservation easement.

      Sec. 5. Additional deduction for certain State and local real property taxes imposed with respect to property subject to an endangered species conservation agreement.

      Sec. 6. Exclusion from estate for real property subject to endangered species conservation agreement.

      Sec. 7. Exclusion of 75 percent of gain on sales of land to certain persons for the protection of habitat.

      Sec. 8. Right to compensation.

SEC. 2. FINDINGS.

    The Senate finds and declares the following:

      (1) The majority of American property owners recognize the importance of protecting the environment, including the habitats upon which endangered and threatened species depend.

      (2) Current Federal tax laws discourage placement of privately held lands into endangered and threatened species conservation agreements.

      (3) The Federal Government should assist landowners in the goal of conserving endangered and threatened species and their habitat.

      (4) If the environment is to be protected and preserved, existing Federal tax laws must be modified or changed to provide tax incentives to landowners to attain the goal of conservation of endangered and threatened species and the habitats on which they depend.

SEC. 3. NONREFUNDABLE CREDIT FOR THE AGREEMENT TO MANAGE LAND TO PRESERVE ENDANGERED SPECIES.

    (a) IN GENERAL- Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to nonrefundable personal credits) is amended by inserting after section 25A the following new section:

‘SEC. 25B. CREDIT FOR AGREEMENT TO MANAGE LAND TO PRESERVE ENDANGERED SPECIES.

    ‘(a) ALLOWANCE OF CREDIT- There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the lesser of--

      ‘(1) the applicable acreage rate of the qualified acreage, or

      ‘(2) $50,000.

    ‘(b) APPLICABLE ACREAGE RATE- For purposes of subsection (a), the applicable acreage rate is the rate established by the Secretary of the Interior for the taxable year utilizing rates comparable to rental payments under the conservation reserve program under section 1234 of the Food Security Act of 1985 (16 U.S.C. 3834).

    ‘(c) QUALIFIED ACREAGE- For purposes of this section, the term ‘qualified acreage’ means any acreage--

      ‘(1) which is subject to an endangered species conservation agreement under the Endangered Species Act (16 U.S.C. 1531 et seq.) and accepted into the expanded conservation reserve program pursuant to section 1231(d)(2) of the Food Security Act of 1985 (16 U.S.C. 3831(d)(2)),

      ‘(2) which is owned by one or more individuals directly or indirectly through a partnership or S corporation that is held entirely by individuals, and

      ‘(3) subject to a perpetual restriction that is valued pursuant to section 170(h)(7).

    ‘(d) CREDIT RECAPTURE- If, during the period of the endangered species conservation agreement, the taxpayer transfers the qualified acreage without also transferring the taxpayer’s obligations under the expanded conservation reserve program under subchapter B of chapter 1 of subtitle D of the Food Security Act of 1985 (16 U.S.C. 3831 et seq.) and the endangered species conservation agreement, then the taxpayer’s tax under this chapter for the taxable year shall be increased by the amount of the credit received under this section during all prior years by such taxpayer, plus interest at the overpayment rate established under section 6621 on such amount for each

prior taxable year for the period beginning on the due date for filing the return for the prior taxable year involved. No deduction shall be allowed under this chapter for interest described in the preceding sentence, and any increase in tax under the preceding sentence shall not be treated as a tax imposed by this chapter for purposes of determining the amount of any credit under subpart A, B, D, or G of this part.

    ‘(e) JOINT OWNERS- For purposes of this section, the amount of credit under this section that any joint owner is entitled to constitutes the total credit allowable under this section with respect to the qualified acreage multiplied by the individual’s percentage ownership in the qualified acreage. Each joint owner shall include on the return of tax in which the credit is claimed the names and taxpayer identification numbers of all other joint owners in the property.

    ‘(f) REGULATORY AUTHORITY-

      ‘(1) TREASURY DEPARTMENT- The Secretary shall promulgate regulations to ensure that a taxpayer cannot subdivide property to determine such taxpayer’s qualified acreage unless all of the acreage such taxpayer owns within a significant region is submitted to the expanded conservation reserve program, whether or not such acreage is eligible for a credit under this section.

      ‘(2) SECRETARY OF THE INTERIOR- As necessary, the Secretary of the Interior shall determine the applicable acreage rate for regions within the United States based on rates comparable to those under the expanded conservation reserve program. Once a rate is prescribed under an endangered species conservation agreement, however, such rate shall remain in effect for the duration of that agreement.’

    (b) CONFORMING AMENDMENTS- Subchapter B of chapter 1 of subtitle D of the Food Security Act of 1985 (16 U.S.C. 3831 et seq.) is amended--

      (1) in section 1231(b)--

        (A) by striking the period at the end and inserting ‘; or’; and

        (B) by adding at the end the following new paragraph:

      ‘(5) lands with respect to which the owner or operator and the Secretary of the Interior or the Secretary of Commerce have entered into an endangered species conservation agreement.’;

      (2) in section 1231(d), by striking ‘(d)’ and inserting ‘(d)(1)’ and by adding at the end the following new paragraph:

    ‘(2) The Secretary of the Interior and the Secretary of Commerce shall enter into endangered species conservation agreements under this section to enroll acreage, in addition to the 38,000,000 acres authorized by paragraph (1), into the expanded conservation reserve, for which no payment is due under section 3834, totaling 5,000,000 acres during calendar years 1997 through 2002. In enrolling such acres, the Secretary of the Interior and the Secretary of Commerce shall reserve 1,000,000 acres for enrollment under this section in calendar year 1997.’;

      (3) in section 1232, by adding at the end the following new subsection:

    ‘(f) This section shall not apply to owners and operators subject to endangered species conservation agreements.’;

      (4) in section 1234, by adding at the end the following new subsection:

    ‘(i) This section shall not apply to owners and operators subject to endangered species conservation agreements.’; and

      (5) by inserting after section 1234 the following new section:

‘SEC. 1234A. NO PAYMENTS TO PROPERTIES FOR WHICH AN INCOME TAX CREDIT OR DEDUCTION IS TAKEN.

    ‘The Secretary shall ensure that no payment be made under this subchapter to any owner if that owner has indicated an intention to claim an income tax credit (under section 25B of the Internal Revenue Code of 1986) for participation in this program, or an income tax deduction (under section 170(h)(4)(A)(iii) of such Code).’

    (c) CLERICAL AMENDMENT- The table of sections for subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 25A the following new item:

      ‘Sec. 25B. Credit for agreement to manage land to preserve endangered species.’

    (d) EFFECTIVE DATES-

      (1) CREDIT- The amendments made by subsections (a) and (c) shall apply to taxable years beginning after December 31, 1995.

      (2) CONFORMING AMENDMENTS- The amendments made by subsection (b) shall take effect on the date of enactment of the Endangered Species Habitat Protection Act of 1997.

SEC. 4. ENHANCED DEDUCTION FOR THE DONATION OF A CONSERVATION EASEMENT.

    (a) IN GENERAL- Subparagraph (A) of section 170(h)(4) of the Internal Revenue Code of 1986 (defining conservation purpose) is amended by striking ‘or’ at the end of clause (iii), by striking the period at the end of clause (iv) and inserting ‘, or’, and by adding at the end the following new clause:

          ‘(v) the protection of a species designated endangered by the Secretary of the Interior or the Secretary of Commerce.’

    (b) ENHANCED VALUATION- Section 170(h) of the Internal Revenue Code of 1986 (defining qualified conservation contribution) is amended by adding at the end the following new paragraph:

      ‘(7) ENHANCED VALUATION OF PROPERTY WITH ENDANGERED SPECIES- For purposes of this section, the valuation of a perpetual restriction granted to the Secretary of the Interior or the Secretary of Commerce or to a State agency implementing an endangered species program for the purpose described in paragraph (4)(A)(iii) shall be made by comparing the value of the property after the restriction is granted with the value of that same property without either the encumbrance of such restriction or any of the restrictions placed on such property by the Endangered Species Act of 1973 (16 U.S.C. 1531 et seq.).’

    (c) EFFECTIVE DATE- The amendments made by this section shall apply to contributions made after the date of the enactment of this Act.

SEC. 5. ADDITIONAL DEDUCTION FOR CERTAIN STATE AND LOCAL REAL PROPERTY TAXES IMPOSED WITH RESPECT TO PROPERTY SUBJECT TO AN ENDANGERED SPECIES CONSERVATION AGREEMENT.

    (a) IN GENERAL- Section 164 of the Internal Revenue Code of 1986 (relating to deductions for taxes) is amended by redesignating subsection (g) as subsection (h) and by inserting after subsection (f) the following new subsection:

    ‘(g) ADDITIONAL DEDUCTION FOR CERTAIN STATE AND LOCAL REAL PROPERTY TAXES IMPOSED WITH RESPECT TO PROPERTY SUBJECT TO AN ENDANGERED SPECIES CONSERVATION AGREEMENT-

      ‘(1) GENERAL RULE- Except as provided in paragraph (3), in the case of property--

        ‘(A) which, on the last day of the taxable year, is described in section 25B(c)(1), and

        ‘(B) with respect to which no recapture event described in section 25B(d) has occurred, a deduction in the amount determined under paragraph (2) shall be allowed for all State and local real property taxes paid or accrued with respect to such property during such year. The deduction allowed by this subsection shall be in addition to any other deduction allowed by this section.

      ‘(2) AMOUNT OF ADDITIONAL DEDUCTION- The deduction allowed by this subsection shall equal 25 percent of the amount of State and local real property taxes that are otherwise deductible under this section without regard to this subsection.

      ‘(3) DEDUCTION NOT ALLOWED- No deduction shall be allowed under this subsection for taxes imposed upon real property--

        ‘(A) with respect to which a credit under section 25B is allowable, or

        ‘(B) subject to a perpetual restriction that is valued pursuant to section 170(h)(7).’

    (b) EFFECTIVE DATE- The amendments made by this section shall apply to taxable years beginning after December 31, 1995.

SEC. 6. EXCLUSION FROM ESTATE FOR REAL PROPERTY SUBJECT TO ENDANGERED SPECIES CONSERVATION AGREEMENT.

    (a) IN GENERAL- Part IV of subchapter A of chapter 11 of the Internal Revenue Code of 1986 (relating to taxable estate) is amended by adding at the end the following new section:

‘SEC. 2057. CERTAIN REAL PROPERTY SUBJECT TO ENDANGERED SPECIES CONSERVATION AGREEMENT.

    ‘(a) GENERAL RULE- For purposes of the tax imposed by section 2001, the value of the taxable estate shall be determined by deducting from the value of the gross estate an amount equal to the adjusted value of real property included in the gross estate which is subject to an endangered species conservation agreement.

    ‘(b) PROPERTY SUBJECT TO AN ENDANGERED SPECIES CONSERVATION AGREEMENT- For purposes of this section--

      ‘(1) IN GENERAL- Real property shall be treated as subject to an endangered species conservation agreement if--

        ‘(A) each person who has an interest in such property (whether or not in possession) has entered into--

          ‘(i) an endangered species conservation agreement with respect to such property, and

          ‘(ii) a written agreement with the Secretary consenting to the application of subsection (d), and

        ‘(B) the executor of the decedent’s estate--

          ‘(i) elects the application of this section, and

          ‘(ii) files with the Secretary such endangered species conservation agreement.

      ‘(2) ADJUSTED VALUE- The adjusted value of any real property shall be its value for purposes of this chapter, reduced by any amount deductible under section 2053(a)(4) or 2055(f) with respect to the property.

    ‘(c) ENDANGERED SPECIES CONSERVATION AGREEMENT- For purposes of this section--

      ‘(1) IN GENERAL- The term ‘endangered species conservation agreement’ means a written agreement entered into with the Secretary of the Interior or the Secretary of Commerce--

        ‘(A) which commits each person who signed such agreement to carry out on the real property activities or practices not otherwise required by law or to refrain from carrying out on such property activities or practices that could otherwise be lawfully carried out,

        ‘(B) which is certified by such Secretary as assisting in the conservation of any species which is--

          ‘(i) designated by such Secretary as an endangered or threatened species under the Endangered Species Act of 1973 (16 U.S.C. 1531 et seq.),

          ‘(ii) proposed for such designation, or

          ‘(iii) officially identified by such Secretary as a candidate for possible future protection as an endangered or threatened species, and

        ‘(C) which applies to at least one-half of the total area of the property.

      ‘(2) ANNUAL CERTIFICATION TO THE SECRETARY BY THE SECRETARY OF THE INTERIOR OR THE SECRETARY OF COMMERCE OF THE STATUS OF ENDANGERED SPECIES CONSERVATION AGREEMENTS- If the executor elects the application of this section, the executor shall promptly give written notice of such election to the Secretary of the Interior or the Secretary of Commerce. The Secretary of the Interior or the Secretary of Commerce shall thereafter annually certify to the Secretary that the endangered species conservation agreement applicable to any property for which such election has been made remains in effect and is being satisfactorily complied with.

    ‘(d) RECAPTURE OF TAX BENEFIT IN CERTAIN CASES-

      ‘(1) DISPOSITION OF INTEREST OR MATERIAL BREACH-

        ‘(A) IN GENERAL- Except as provided in subparagraph (C), an additional tax in the amount determined under subparagraph (B) shall be imposed on any person on the earlier of--

          ‘(i) the disposition by such person of any interest in property subject to an endangered species conservation agreement (other than a disposition described in subparagraph (C)),

          ‘(ii) the failure by such person to comply with the terms of the endangered species conservation agreement, or

          ‘(iii) the termination of the endangered species conservation agreement.

        ‘(B) AMOUNT OF ADDITIONAL TAX- The amount of the additional tax imposed by subparagraph (A) shall be an amount that bears the same ratio to the fair market value of the real property at the time of the event described in subparagraph (A) as the ratio of the amount by which the estate tax liability was reduced by virtue of this section bore to the fair market value of such property at the time the executor filed the agreement under subsection (b)(1). For purposes of this subparagraph, the term ‘estate tax liability’ means the tax imposed by section 2001 reduced by the credits allowable against such tax.

        ‘(C) EXCEPTION IF TRANSFEREE ASSUMES OBLIGATIONS OF TRANSFEROR- Subparagraph (A)(i) shall not apply if the transferor and the transferee of the property enter into a written agreement pursuant to which the transferee agrees--

          ‘(i) to assume the obligations imposed on the transferor under the endangered species conservation agreement,

          ‘(ii) to assume personal liability for any tax imposed under subparagraph (A) with respect to any future event described in subparagraph (A), and

          ‘(iii) to notify the Secretary of the Treasury and the Secretary of the Interior or the Secretary of Commerce that the transferee has assumed such obligations and liability.

        If a transferee enters into an agreement described in clauses (i), (ii), and (iii), such transferee shall be treated as signatory to the endangered species conservation agreement the transferor entered into.

      ‘(2) DUE DATE OF ADDITIONAL TAX- The additional tax imposed by paragraph (1) shall become due and payable on the day that is 6 months after the date of the disposition referred to in paragraph (1)(A)(i) or, in the case of an event described in clause (ii) or (iii) of paragraph (1)(A), on April 15 of the calendar year following any year in which the Secretary of the Interior or the Secretary of Commerce fails to provide the certification required under subsection (c)(2).

    ‘(e) STATUTE OF LIMITATIONS- If a taxpayer incurs a tax liability pursuant to subsection (d)(1)(A), then--

      ‘(1) the statutory period for the assessment of any additional tax imposed by subsection (d)(1)(A) shall not expire before the expiration of 3 years from the date the Secretary is notified (in such manner as the Secretary may by regulation prescribe) of the incurring of such tax liability, and

      ‘(2) such additional tax may be assessed before the expiration of such 3-year period notwithstanding the provisions of any other law or rule of law that would otherwise prevent such assessment.

    ‘(f) ELECTION AND FILING OF AGREEMENT- The election under this section shall be made on the return of the tax imposed by section 2001. Such election, and the filing under subsection (a) of an endangered species conservation agreement, shall be made in such manner as the Secretary shall by regulation provide.

    ‘(g) APPLICATION OF THIS SECTION TO INTERESTS IN PARTNERSHIPS, CORPORATIONS, AND TRUSTS- The Secretary shall prescribe regulations setting forth the application of this section in the case of an interest in a partnership, corporation, or trust which, with respect to a decedent, is an interest in a closely held business (within the meaning of paragraph (1) of section 6166(b)). For purposes of the preceding sentence, an interest in a discretionary trust all the beneficiaries of which are heirs of the decedent shall be treated as a present interest.’

    (b) CARRYOVER BASIS- Section 1014(a)(4) of the Internal Revenue Code of 1986 (relating to basis of property acquired from a decedent) is amended by inserting ‘or 2057’ after ‘section 2031(c)’.

    (c) CLERICAL AMENDMENT- The table of sections for part IV of subchapter A of chapter 11 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item:

‘Sec. 2057. Certain real property subject to endangered species conservation agreement.’

    (d) EFFECTIVE DATE- The amendments made by this section shall apply to estates of decedents dying after the date of the enactment of this Act.

SEC. 7. EXCLUSION OF 75 PERCENT OF GAIN ON SALES OF LAND TO CERTAIN PERSONS FOR THE PROTECTION OF HABITAT.

    (a) IN GENERAL- Part I of subchapter P of chapter 1 of the Internal Revenue Code of 1986 (relating to treatment of capital gains) is amended by adding at the end the following new section:

‘SEC. 1203. 75 PERCENT EXCLUSION FOR GAIN ON SALES OF LAND TO CERTAIN PERSONS FOR THE PROTECTION OF HABITAT.

    ‘(a) EXCLUSION- Gross income shall not include 75 percent of any gain from the sale of any land to a conservation purchaser if--

      ‘(1) such land was owned by the taxpayer or a member of the taxpayer’s family (as defined in section 2032A(e)(2)) at all times during the 3-year period ending on the date of the sale, and

      ‘(2) such land is being acquired by a conservation purchaser for the purpose of protecting the habitat of any species listed by the Secretary of the Interior or the Secretary of Commerce under the Endangered Species Act as endangered or threatened, proposed for listing as endangered or threatened, or which is a candidate for such listing.

    ‘(b) CONSERVATION PURCHASER- For purposes of this section--

      ‘(1) CONSERVATION PURCHASER- The term ‘conservation purchaser’ means--

        ‘(A) any agency of the United States or of any State or local government, and

        ‘(B) any qualified organization.

      ‘(2) QUALIFIED ORGANIZATION- The term ‘qualified organization’ has the meaning given such

term by section 170(h)(3) (determined without regard to section 170(b)(1)(A)(v)).’

    (b) CLERICAL AMENDMENT- The table of sections for part I of subchapter P of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item:

      ‘Sec. 1203. 75-percent exclusion for gain on sales of land to certain persons for the protection of habitat.’

    (c) EFFECTIVE DATE- The amendments made by this section shall apply to sales after December 31, 1997.

SEC. 8. RIGHT TO COMPENSATION.

    (a) PROHIBITION- No agency action affecting privately owned property under this section shall result in the diminishment of the value of any portion of that property by 30 percent or more unless compensation is offered in accordance with this section.

    (b) COMPENSATION FOR DIMINISHMENT- Any agency that takes an action the economic impact of which exceeds the amount provided in subsection (a)--

      (1) shall compensate the property owner for the diminution in value of the portion of that property resulting from the action; or

      (2) if the diminution in value of a portion of that property is greater than 50 percent, at the option of the owner, such agency shall buy that portion of the property and shall pay fair market value based on the value of the property before the diminution.

    (c) REQUEST OF OWNER- A property owner seeking compensation under this section shall make a written request for compensation to the agency whose action would limit the otherwise lawful use of property. The request shall, at a minimum, identify the affected portion of the property, the nature of the diminution, and the amount of compensation claimed.

    (d) CHOICE OF REMEDIES- If the parties have not reached an agreement on compensation within 180 days after the written request is made, the owner may elect binding arbitration through alternative dispute resolution or seek compensation due under this section in a civil action. The parties may by mutual agreement extend the period of negotiation on compensation beyond the 180-day period without loss of remedy to the owner under this section. In the event the extension period lapses the owner may elect binding arbitration through alternative dispute resolution or seek compensation due under this section in a civil action.

    (e) ALTERNATIVE DISPUTE RESOLUTION-

      (1) IN GENERAL- In the administration of this section--

        (A) arbitration procedures shall be in accordance with the alternative dispute resolution procedures established by the American Arbitration Association; and

        (B) in no event shall arbitration be a condition precedent or an administrative procedure to be exhausted before the filing of a civil action under this section.

      (2) REVIEW OF ARBITRATION-

        (A) APPEAL OF DECISION- Appeal from arbitration decisions shall be to the United States District Court for the district in which the property is located or the United States Court of Federal Claims in the manner prescribed by law for the claim under this section.

        (B) RULES OF ENFORCEMENT OF AWARD- The provisions of title 9, United States Code (relating to arbitration), shall apply to enforcement of awards rendered under this section.

    (f) CIVIL ACTION- An owner who prevails in a civil action against any agency pursuant to this section shall be entitled to, and such agency shall be liable for, just compensation, plus reasonable attorney’s fees and other litigation costs, including appraisal fees.

    (g) SOURCE OF PAYMENTS- Any payment made under this section shall be paid from the responsible agency’s annual appropriation supporting the agency’s activities giving rise to the claim for compensation. If insufficient funds are available to the agency in the fiscal year in which the award becomes final the agency shall pay the award from appropriations available in the next fiscal year.

    (h) DEFINITIONS- For the purposes of this section--

      (1) the term ‘agency’ has the meaning given that term in section 551 of title 5, United States Code;

      (2) the term ‘agency action’ means any action or decision taken by any agency that at the time of such action or decision adversely affects private property rights;

      (3) the term ‘fair market value’ means the likely price at which property would change hands, in a competitive and open market under all conditions requisite to fair sale, between a willing buyer and willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts, prior to occurrence of the agency action;

      (4) the term ‘just compensation’--

        (A) means compensation equal to the full extent of a property owner’s loss, including the fair market value of the private property taken, whether the taking is by physical occupation or through regulation, exaction, or other means; and

        (B) shall include compounded interest calculated from the date of the taking until the date the United States tenders payment;

      (5) the term ‘owner’ means the owner or possessor of property or rights in property at the time the taking occurs, including when--

        (A) the statute, regulation, rule, order, guideline, policy, or action is passed or promulgated; or

        (B) the permit, license, authorization, or governmental permission is denied or suspended;

      (6) the term ‘property’ means land, an interest in land, proprietary water rights, and any personal property that is subject to use by the Federal Government or to a restriction on use;

      (7) the term ‘private property’ or ‘property’ means all interests constituting real property, as defined by Federal or State law, protected under the fifth amendment to the United States Constitution, any applicable Federal or State law, or this section, and more specifically constituting--

        (A) real property, whether vested or unvested, including--

          (i) estates in fee, life estates, estates for years, or otherwise;

          (ii) inchoate interests in real property such as remainders and future interests;

          (iii) personalty that is affixed to or appurtenant to real property;

          (iv) easements;

          (v) leaseholds;

          (vi) recorded liens; and

          (vii) contracts or other security interests in, or related to, real property;

        (B) the right to use water or the right to receive water, including any recorded liens on such water right; or

        (C) rents, issues, and profits of land, including minerals, timber, fodder, crops, oil and gas, coal, or geothermal energy.