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US court upholds $480,000 valuation on Georgia land after owner claimed $23M tax break

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A Georgia landowner sought a $23 million charitable tax deduction after donating a 103-acre conservation easement, claiming the land had potential value as an aggregate quarry. The US Tax Court rejected the quarry-use argument and valued the easement at just $480,000. The landowner appealed, but the 11th Circuit Court upheld the lower court's valuation. The appellate court also confirmed a 40% gross valuation misstatement penalty against the landowner.

Read the full story at Times of India

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US court upholds $480,000 valuation on Georgia land after owner claimed $23M tax break · ShortSingh