Tax Court Tears Down Deductions for Historic Structure Easements
Steady2 outlets reported this in 2 reports over 2 days
Fri, 23 October 2026Wed, 28 October 2026
What it is about
Del MonteTax CourtOhio, United StatesColumbus, Ohio, United StatesUS judgeUnited States Tax CourtLontrac Enterprises, LLC
Who published it, and when
original reportfirst to report
cpapracticeadvisor.com
Times of India
23 Oct, 18:15over 5 days28 Oct, 12:10
How it spread - 2 original reports
Fri, 23 October 2026
1 report- cpapracticeadvisor.com18:15first to report
Specifically, a taxpayer may be able to write off the value of the conservation easement for any one of these reasons.
Wed, 28 October 2026
1 report- Times of India12:10
The United States Tax Court delivered a decisive blow to Lontrac Enterprises, LLC, reducing their claimed tax deduction for a conservation easement from $74.5 million to $500,000. The ruling highlighted the partnership's failure to provide credible evidence, resulting in the imposition of a 40 percent penalty from the IRS for a gross valuation misstatement. This case illustrates the ongoing struggles faced by taxpayers involved in syndicated conservation easement transactions.