Palmer Ranch Holdings, LTD v. Commissioner III
About This Legal Opinion
On remand the Tax Court found that the IRS failed to demonstrate the market softening effect using sales or other data for 2006 and 2007so followed the 11th Circuit in accepting PRH's qualitative adjustment argument and sustained the value taxpayer claimed at trial.
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Palmer Ranch Holdings, LTD v. Commissioner I
Tax Court largely agreed with taxpayer's appraiser but did reduce the value somewhat and found the reasonable cause exception avoided the penalty.
Palmer Ranch v Commissioner II
In a colorful decision the 11th Circuit affirmed the determination of the highest and best use, but reversed with respect to the valuation because it departed from the comparable-sales method and relied on evidence from outside the record so it remanded to the Tax Court for another take on the before value.
TOT Property Holdings, LLC v. Commissioner (11th Circuit opinion)
Tax Court denied the deduction due to the flawed termination proceeds language. 11th Circuit affirmed. IRS claimed that the easement’s forest management provisions were inconsistent reserved rights but this issue was not addressed or decided.
Crimi v. Commissioner of IRS
Although the Court found flaws in the appraiser's analysis, it still found a fair market value high enough to support the claimed deduction. The Court found that the August 16 letter constituted a contemporaneous written acknowledgment, rejecting all three of the IRS' arguments.
Evans v. Commissioner
The taxpayer failed to meet the burden of proof on valuation so the IRS' zero valuation was sustained. The Court declined to assess the accuracy-related penalty, finding that the original appraisal was qualified, that taxpayer had reasonable cause and acted in good faith reliance on the appraiser.
Kumar v. Commissioner
IRS challenged the amendment clause and valuation. The Tax Court followed Pine Mountain Preserve (affirmed by the 11th Circuit) that the amendment clause is consistent with the granted-in-perpetuity section 170(h)(2)(C). The Tax Court upheld the deduction in its entirety after a lengthy analysis.
Carter v. Commissioner
On remand from 11th circuit, Tax Court determined compliance with regulations for baseline documentation and reserved rights such as floating building areas.
Lumpkin HC, LLC v. Commissioner
In a proceeds clause case with the improvement deduction language, the Tax Court denied the deductions in full, following Oakbrook Land Holdings LLC, v. Commissioner and Coal Property Holdings, LLC v. Commissioner. The Tax Court declined to consider the IRS' argument on the floating building areas.
Gorra v. Commissioner
The Court found the easement complied with the purposes and perpetuity tests but found that the value was much less that taxpayers claimed although not zero as the IRS claimed. Penalties assessed.
Glade Creek Partners, LLC v. Commissioner
The 11th Circuit vacated part of the Tax Court decision that disallowed the charitable deduction based on the improvements clause in the termination proceeds provision but affirmed the Tax Court’s decision on the valuation penalty.