Georgia landowner claimed $23m tax break; court backs $480,000 valuation
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This story is aggregated from The Times of India (timesofindia.indiatimes.com). Full reporting rights and copyright belong to the primary publisher.
A Georgia landowner claimed a $23 million charitable tax deduction after donating a 103-acre conservation easement, arguing the property could have been used as an aggregate quarry. The US Tax Court rejected the proposed quarry use, valuing the easement at $480,000. The 11th Circ...
A Georgia landowner claimed a $23 million charitable tax deduction after donating a 103-acre conservation easement, arguing the property could have been used as an aggregate quarry. The US Tax Court rejected the proposed quarry use, valuing the easement at $480,000. The 11th Circuit upheld the valuation and a 40% gross valuation misstatement penalty.
Original Source
https://timesofindia.indiatimes.com/real-estate/news/a-georgia-landowner-claimed-a-23-million-tax-deduction-for-a-103-acre-conservation-easement-an-appeals-court-upheld-a-valuation-of-just-480000-and-a-40-penalty-after-rejecting-the-propertys-proposed-quarry-value/articleshow/134478527.cms
