- 37 -
petitioners merely structured the easement conveyance in a manner
that allowed petitioners to take advantage of certain tax
benefits conferred by Congress. None of the tax consequences
enjoyed by petitioners constitutes consideration that is to be
taken into account in determining the amount realized by
petitioners on the sale of the easement.
Respondent has not argued that, if we fail to find that any
of the tax consequences constitutes consideration, the
consideration received by petitioners in consideration of the
conveyance of the easement to the county was other than $309,000.
Accordingly, we find that, in consideration of conveying the
easement to the county, petitioners received $309,000.
VI. Conclusion
On the conveyance date, petitioners made a charitable
contribution to the county in the amount of $209,000 ($518,000-
$309,000).
Decisions will be entered
for petitioners.
Page: Previous 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Last modified: May 25, 2011