Donated Land Value Not Up To Taxpayers, 10th Circ. Rules

Law360, New York (March 7, 2014, 3:12 PM EST) -- A group of Colorado taxpayers who donated their land to a conservation reserve cannot decide for themselves the land’s “highest and best use” to determine the value of their tax deduction, the Tenth Circuit ruled Friday.

The taxpayers argued that the U.S. Tax Court had incorrectly ruled against them because it had wrongly put the burden on them to prove the value of the donated land. The appeals panel ruled that the preponderance of the evidence favored the IRS, but even if it hadn’t, it said...
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