T.C. Memo. 2010-283; No. 14374-08, December 27, 2010: Tax Court creates its own appraisal of the value of a conservation easement using the before-and-after method; considers evidence of lot sales after the date the easement was donated.
The taxpayer argued that only the comparable sales appraisal method could be used because data on sales of comparables conservation [...]
United States Tax Court, No. 8309-08, September 22, 2010: The TC upheld the IRS’ complete denial of a deduction for a historic façade easement but denied the IRS’ accuracy-related penalty.
The taxpayer offered appraisals by two different appraisers but the preparers of only one of the appraisals testified as witnesses. The TC thoroughly discredited the appraisal prepared [...]
US Tax Court, T.C. Memo. 2010-196, Sept. 8, 2010: An appraisal submitted in support of a claimed deduction for contribution of a conservation easement was not a qualified appraisal because it didn’t include the easement contribution date, the date the appraisal was performed, or the appraised fair market value of the easement contribution on the contribution [...]
United States Court of Appeals, Fifth Circuit, No. 09-60085, August 10, 2010: Decides several issue about the deductibility and appraisal of a façade easement’s affect on the value of a building owned in common with the building being protected, vacating the Tax Court’s 2008 decision and remanding for further proceedings.
Taxpayer Whitehouse (“W”) owned the contiguous Maison [...]
Superior Court of New Jersey Appellate Division, Docket No. A-1253-08T2, March 15, 2010
In an unpublished opinion the court held the New Jersey Agriculture Development Committee’s (SADC) denial of the Township’s application for reimbursement of a portion of the price paid to buy a certain farm property with the intention to preserve most of it as farmland [...]