IRS Loses Bid to Trim Basis Price of Conservation Easement Land

The IRS failed a bid to trim the basis price for a parcel of land at the heart of a disputed conservation easement donation.

The US Tax Court denied the government a motion for summary judgment that would have lowered the basis value of the land that DeSoto Holdings LLC had used to claim the $25.3 million conservation easement donation in its 2016 tax year, ahead of a Jan. 27 trial. Basis price often reflects the acquisition costs for the property, which in this case is 147 acres in Shelby County, Alabama.

• The IRS wants to see the value of ...