A partnership is on the hook for more than $10 million in penalties after the US Tax Court on Thursday significantly limited the value of the companies’ claimed conservation easements.
The two LLCs in the partnership controlled by Carlton K. Walstad and Russell Bennett and their company Greencone Investments LLC, control 536 acres in two adjacent properties in northern Georgia. The LLCs, Jackson Crossroads LLC and Long Branch Investments LLC, claimed conservation easements in 2016 for charitable contributions of their properties to the Oconee River Land Trust. .
A conservation easement allows a property owner to donate the future development ...
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