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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.

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

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.

Estate of Luton v. Commissioner

Issues are value of 78-percent interest in Rancho San Juan, Inc., one-third interest in Dune Lakes, Ltd., and 41.9-percent interest in the Miramonte Liquidating Trust, and penalties for und ...

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