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The easement gifts in 1993 and 1994 were legally valid in
accordance with the terms thereof and are binding on petitioner
and "all future owners and tenants". Petitioner did not receive
consideration from MLR for the easement gifts.
During all relevant periods, MLR was an organization
described in section 501(c)(3), and donations of qualified
conservation easements to it are deductible under section 170(h).
The MLR easement executed by petitioner on September 9, 1993, and
recorded on September 13, 1993, is a "qualified conservation
contribution" under section 170(f)(3)(B)(iii) and (h). In
addition, the amendment executed in favor of MLR by petitioner on
November 17, 1994, and recorded on November 29, 1994, is a
"qualified conservation contribution" under section
170(f)(3)(B)(iii) and (h).
Petitioner's property is a spectacular piece of property
surrounded by the Gallatin National Forest on three sides.
Properties surrounded by nondeeded National Parks are known as
inholdings. Petitioner's property is properly classified as an
inholding.
Petitioner's property is approximately 320 acres in size and
is situated on the floor of the Boulder River Valley. It is
irregular in shape and ranges from gently to moderately sloping
native rangeland and timber-covered land. The Boulder River, a
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