A Georgia holding company failed to support its claims that the IRS incorrectly adjusted its $12.7 million conservation easement deduction, according to a US Tax Court opinion.
Lake Jordan Holdings LLC satisfied the requirements to claim a deduction on its 2017 tax return for donating a conservation easement, Chief Judge Patrick J. Urda wrote Tuesday. However, the value claimed for the 157-acre property in Elmore County, Ala., was “egregious” compared to the $1.1 million value that the court determined.
“With our eyes fixed on the objective evidence before us, we see the conservation easement here as yet another in the …
