In 2006, a couple bought 310 acres in Tennessee for $1.3 million; years later a partnership claimed a $74.5 million conservation tax deduction, but a US judge valued the easement at just $500,000 and upheld a penalty
A United States Tax Court has sharply cut a huge tax deduction claimed by a Georgia-based partnership over land in Tennessee. The partnership claimed $74.5 million. The court said the land was worth only $500,000. In a written opinion, Chief Judge David Urda ruled against Lontrac Enterprises, LLC. He found that the value it claimed…
