Two taxpayers improperly claimed deductions for a conservation easement donation because the donation didn’t satisfy statutory and regulatory requirements, the US Tax Court ruled.
The Monday ruling sided with the IRS’s denial of approximately $2.2 million in carryover charitable deductions and its assessment of 40% penalties against Kenneth M. Brooks and Anita Wolke Brooks for gross valuation misstatements. The case centered on a conservation easement donation, which involves donating away property development rights. The donations can enable deductions if the requirements of tax code Section 170(h) are met.
The Brookses, who held ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
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.