On June 23, 2020, the Tax Court issued a Memorandum Opinion in the case of Lumpkin HC LLC v. Commissioner (T.C. Memo. 2020-95). The primary issue before the court in Lumpkin HC LLC v. Commissioner was whether the IRS properly disallowed the charitable contribution deduction with respect to the donation of a conservation easement in full because the conservation purpose underlying the easements was not “protected in perpetuity” as required by IRC § 170(h)(5)(A), insofar as the charitable grantee was not absolutely entitled to a proportionate share of the proceeds in the event the property was sold following a judicial extinguishment of the easement.
References in Lumpkin HC LLC v. Commissioner
For a complete discussion, which was basically summarized and reprinted in this case, see Oakbrook Land Holdings, LLC v. Commissioner, 154 T.C. No. 10, *7 (May 12, 2020) and Oakbrook Land Holdings, LLC v. Commissioner, T.C. Memo. 2020-54 (May 12, 2020).
(T.C. Memo. 2020-95) Lumpkin HC, LLC v. Commissioner
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