Turner v. Comm'r
United States Tax Court
P, a real estate investor, purchased 29.3 acres of unimproved land in a historical overlay district, 15.04 acres of which were located within a designated floodplain. Property development was subject to county regulations that were more stringent for property within a historical overlay district. Among the regulations were zoning and rezoning requirements, as well as limitations on development of designated floodplain areas. Thirty lots were permissible under current zoning.
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P, a real estate investor, purchased 29.3 acres of unimproved land in a historical overlay district, 15.04 acres of which were located within a designated floodplain. Property development was subject to county regulations that were more stringent for property within a historical overlay district. Among the regulations were zoning and rezoning requirements, as well as limitations on development of designated floodplain areas. Thirty lots were permissible under current zoning. County approval would be required for denser zoning usage. P, claiming that he was entitled to develop up to 62…
1Opinion of the Court
Gerber, Chief Judge:
Respondent determined a $178,168 income tax deficiency and a $56,537 accuracy-related penalty under section 66621 for petitioners’ 1999 taxable year. After concessions,2 the issues remaining for our consideration are: (1) Whether petitioners made a contribution of a qualified conservation easement under section 170(h)(1); (2) if qualified, we must decide the value of the easement; and (3) in the absence of a qualified contribution or, alternatively if the easement’s value was substantially overstated, whether petitioners are liable for the accuracy-related penalty under…
2Cases cited3 opinions
- HIGBEE v. COMMISSIONER OF INTERNAL REVENUEUnited States Tax Court · 2001
- Niedringhaus v. CommissionerUnited States Tax Court · 1992
- Glass v. Comm'rUnited States Tax Court · 2005
3Cited by14 opinions
- Charles and Susan Glass v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 2006
- Belk v. Comm'rUnited States Tax Court · 2013
- Carroll v. Comm'rUnited States Tax Court · 2016
- Graev v. CommissionerUnited States Tax Court · 2013
- Evans v. Comm'rUnited States Tax Court · 2010
9 more not listed; retrieve them via the Exa API.