Tax Court Sustains IRS Strict Interpretation Of Charitable Acknowledgement Rules
The problem with valuing conservation and facade easements is that they involve subtracting the value of something real and existing now from the value of something hypothetical, which can turn into something of a fantasy. The valuation of the facade easement in this case is more grounded in reality. There was a real development plan ready to roll until Mr. Berman stepped in front of the hypothetical wrecking ball. It would be interesting to dig into it further, but at this point, I really don’t have enough information. My guess is the appraiser kind of underestimated the hurdles and risks including the obvious one that the Landmark Preservation Commission might, as they did, rule in favor of preservation.
A Very Cinema-graphic Passage
Off and on, I have been reading The Earth Is Weeping - The Epic Story of the Indian Wars for the American West by Peter Cozzens. It is, of course, a very sad story,...
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.