Petition Says Texas Land Needs $83 Million Conservation Easement

Coastal Texas land being preserved instead of developed for homes should be allowed an almost $84 million conservation easement, a company told the US Tax Court.

Matagorda Cove LLC, an affiliate of Atlanta-based EcoVest Capital LLC, petitioned the US Tax Court on July 17 to contest an IRS notice of disallowance on an $83.9 million conservation easement donation on its 2019 tax year. The IRS reportedly told the company in April that the IRS had alleged an underpayment of $31.1 million and asserted another $12.4 million in penalties, plus $10.5 million in interest.

The IRS said the value of the ...