The Tax Court valued a 2017 conservation easement at $612,000 and imposed the 40% gross valuation misstatement penalty after rejecting the partnership’s $10,234,108 claimed value.
Holding
The easement’s fair market value was $612,000, not $10,234,108. The appraisal attached to the return met the “qualified appraisal” requirement because the appraiser was …
