Maybe that’s how the 21.89 acres Dave Hewitt and Mrs. Dave bought in 2008 on Lewis Smith Lake (love the spelling, Dave!) in Winston Co., AL for $200K, actually became worth north of $6,524,000 in 2013.
The $6,524,000 is what Smith Lake, LLC, David Hewitt, Tax Matters Partner, 2020 T. C. Memo. 107, filed 7/13/20, claimed as a conservation easement deduction in 2013. And of course they reserved value of improvements from the extinguishment split with the 501(c)(3) defender of the faith.
We got the usual extinguishment (with a merger clause thrown in), and an AL condemnation law argument.
Y’all will recollect that Dave (and Mrs Dave) escaped overvaluation and negligence chops on the family farm easement a month ago. See my blogpost “‘Gude Faith, He Maunna’ Fa’ That’ – Part Deux,” 6/17/20. But thereafter he started dubious syndicates. Judge Goeke let him off back in June; Judge Kerrigan takes only fifteen (count ’em, fifteen) pages to send off Dave in the usual fashion on this later escapade.
A concession in a settlement doesn’t set up judicial estoppel (no judgment or decree). Reg. Section 1.170A-14(g)(6) is valid, per Oakbrook. And improvements get split.
The Smith Lakers may have struck a vein of dilithium crystals and told Starfleet Command. Who knows, if there are dilithium crystals there, The Federation of Planets may condemn the place.
Did you think of the Dilithium crystals on your own or did I inspire you?
https://www.forbes.com/sites/peterjreilly/2020/05/15/syndicated-conservation-easementsan-industry-based-on-nonsense/#35fe817251ad
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