U.S. Tax Court Allows a Charitable Contribution Deduction for a Land Easement But Also Applies a Gross Valuation Misstatement Penalty

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Court Case Digests
April 25, 2024
0831 Forest Nurseries and Gathering of Forest Products, 0971 Hunting and Trapping, and Game Propagation
113210 Forest Nurseries and Gathering of Forest Products , 114210 Hunting and Trapping
federal taxation
appraisal, timber, comparable, fair market value

Buckelew Farm, LLC v. Comm’r
T.C. Memo 2024-52; 2024 Tax Ct. Memo LEXIS 53
US
Federal Court
Federal
United States Tax Court
Dale Hayter Jr.; Belinda Sward; Zach Ryan; Raymond Krasinski
Weiler

Summary

This case involved a noncash charitable contribution deduction claimed in 2013. The IRS disallowed the deduction the petitioner, Buckelew Farm LLC, claimed for its grant to the Southeast Regional Land Conservancy Inc. (SERLC) of a perpetual conservation easement over approximately 1,545.79 acres of real property located in Jones County, Ga. The IRS also assessed a penalty under Section 6662 for gross valuation misstatement. The Tax Court allowed a charitable contribution deduction but also applied a valuation misstatement penalty.

See Also

Buckelew Farm, LLC v. Comm’r

This case involved a noncash charitable contribution deduction claimed in 2013. The IRS disallowed the deduction the petitioner, Buckelew Farm LLC, claimed for its grant to the Southeast Regional Land Conservancy Inc. (SERLC) of a perpetual conservation easement over approximately 1,545.79 acres of real property located in Jones County, Ga. The IRS also assessed a penalty under Section 6662 for gross valuation misstatement. The Tax Court allowed a charitable contribution deduction but also applied a valuation misstatement penalty.

This article also appears in:
Business Valuation UpdateVol. 30 No. 7