Tax Court Says ND Easement Restriction Nulls Deduction

Law360, New York (March 11, 2014, 6:38 PM EDT) -- The U.S. Tax Court ruled Tuesday that North Dakota conservation easements cannot qualify for a corresponding charitable deduction because of a state law that limits the duration of an easement to no more than 99 years.

In an opinion disallowing a family's charitable deductions, the Tax Court said North Dakota conservation easements subject to the law cannot qualify for charitable contributions because the law prevents easements from being granted “in perpetuity” as required by the Internal Revenue Code.

The case involves the Wachter family and their...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.