US judge cuts $74.5m easement tax deduction to $500,000, upholds penalty
The United States Tax Court delivered a decisive blow to Lontrac Enterprises, LLC, reducing their claimed tax deduction for a conservation easement from $74.5 million to $500,000. The ruling highlighted the partnership's failure to provide credible evidence, resulting in the imposition of a 40 percent penalty from the IRS for a gross valuation misstatement. This case illustrates the ongoing…
We haven't written up this one. Times of India has the full story — the link below goes straight to it.
