February 2019—U.S. Tax Court on Valuation of Conservation Easements and Expert Testimony The U.S. Tax Court issued two valuation decisions in late December 2018 that may be of interest to QuickRead readers. The opinion is 116 pages long and delves into what is a qualified real property easement that qualifies for a charitable deduction, and the 36-page memorandum provides guidance regarding how the court weighs expert witness testimony in this area of easements. On December 27, 2018, the U.S. Tax Court issued two lengthy decisions: an opinion and memorandum decision that focus on what is a qualified real estate easement…
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Heightened IRS Scrutiny A look into recent Tax Court cases brings to light several issues that are on the IRS’ “radar screen.” Past QuickRead articles have highlighted some of the cases, including Section 2036, or “bad facts” cases. Another hot-button issue for the IRS is the proper treatment of conservation easement charitable contributions. Since 2010, courts have published at least 60 opinions addressing issues relating to conservation easements. Practitioners with clients considering conservation easement contributions, or who are defending conservation easement cases must keep current with the influx of rulings and have a good understanding of how these rulings fit…