US Tax Court cuts Lontrac's $74.5m easement deduction to $500,000, upholds penalty

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The US Tax Court reduced the tax deduction that Lontrac Enterprises, LLC claimed for a conservation easement from $74.5 million to $500,000. The court found the partnership did not offer credible evidence to support its valuation. As a result, the IRS penalty of 40 percent for a gross valuation misstatement was upheld. The case reflects the difficulties taxpayers face with syndicated conservation easement transactions.

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