Fee Interest In Motels Not Like-kind To Leasehold
The back-up argument was that even if the ground lease did not qualify as like-kind, the improvements should. The Tax Court was having none of it.
Side Agreement Voids Easement Charitable Deduction
The question is what is the highest and best use of the property. Lovers of the earth and our architectural heritage will be sorry to hear that “highest and best use” means whatever it is that will yield the owner the best economic return. You subtract from the “highest and best use valuation” the value of the property in its current use. The difference is the value of the easement. In determining the highest and best use, you have to consider existing restrictions.
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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.