U.S. Tax Court Allows a Charitable Contribution Deduction for a Land Easement, But Also Applies a Gross Valuation Misstatement Penalty

In a recent Tax Court case,¹ the court allowed a charitable deduction that the IRS had disallowed but then imposed a gross valuation misstatement penalty.² The case dealt with a charitable contribution of a conservation easement that the IRS disallowed. While the case dealt…