Georgia landowner's $23 million tax claim over 103 acres cut to $480,000 by court
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A Georgia landowner claimed a $23 million charitable tax deduction after donating a 103-acre conservation easement, arguing the property could have been used as an aggregate quarry. The US Tax Court rejected the proposed quarry use, valuing the easement at $480,000. The 11th Circuit upheld the valuation and a 40% gross valuation misstatement penalty. What's Your Reaction?
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