The Tax Court held that Mize Farm’s conservation easement was worth $379,000, not the $10.5 million reported, and imposed a 40% gross valuation misstatement penalty.
Holding
The court found the fair market value of Mize Farm's 2017 conservation easement was $379,000 using a before-and-after valuation, allowed a deduction of that amount, disallowed the rem…
