Charles H. Browning, Jr., and Patricia L. Browning - Page 20

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          an established market from which to derive the fair market                  
               In the case of a perpetual conservation restriction, if the            
          market for such restrictions is not well established, it is                 
          usually necessary to value the restriction by applying a “before            
          and after” analysis; i.e., a comparison of the fair market value            
          of the donor's property unencumbered by the restriction with the            
          fair market value of the property after the conveyance of the               
          restriction, with any diminution of value to be ascribed to the             
          fair market value of the restriction.  See, e.g., Symington v.              
          Commissioner, supra at 895 & n.5, which states as follows:                  
                    This method has been approved by the Internal                     
               Revenue Service, see Rev. Rul. 73-339, 1973-2 C.B. 68,                 
               as clarified by Rev. Rul. 76-376, 1976-2 C.B. 53, and                  
               endorsed by Congress in connection with the adoption of                
               the Tax Treatment Extension Act of 1980, see S. Rept.                  
               96-1007 (1980), 1980-2 C.B. 599, 606.                                  
          Nothing in section 1.170A-14(h)(3)(i), Income Tax Regs. (the PCR            
          valuation regulation), contradicts that analysis; indeed, the PCR           
          valuation regulation adopts the serial approach described:  “If             
          no substantial record of market-place sales is available to use             
          as a meaningful or valid comparison”, the general rule is a                 
          before and after approach.                                                  
               Respondent, however, argues that the second substantive                
          sentence of the PCR valuation regulation, see supra sec. II.,               
          which sets forth the marketplace sales analysis, is the beginning           

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