The U.S. Tax Court sided with the IRS in disallowing a $17.5 million deduction on a Tennessee conservation easement, ruling that the land wasn’t protected in perpetuity.
Glade Creek Partners LLC donated 1, 313 acres of land in Bledsoe County, Tenn. and claimed a $17.5 million charitable contribution deduction in their 2012 tax returns. The deal is what is known as a conservation easement, in which taxpayers donate land-use rights for the purpose of preservation. The donation can be tax-deductible if the requirements of tax code Section 170(h) are met.
The IRS challenged the easement ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.