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of section 170(h)(4) and (5). Section 170(h)(4)(A) generally
provides that a contribution is for a conservation purpose if it:
(1) Preserves land for outdoor recreation by, or the education
of, the general public, (2) protects a relatively natural habitat
of fish, wildlife, or plants, or similar ecosystem, (3) preserves
open space for the scenic enjoyment of the general public or
pursuant to a Federal, State, or local governmental conservation
policy, and this preservation will yield a significant public
benefit, or (4) preserves a historically important land area or a
certified historic structure. See also sec. 1.170A-14(d)(1),
Income Tax Regs. Under the statute, each of these four prongs is
a conservation purpose in and of itself, and a taxpayer’s
satisfaction of one of these prongs suffices to establish the
requisite conservation purpose. See also S. Rept. 96-1007, at 10
(1980), 1980-2 C.B. 599, 604. Section 170(h)(5)(A) generally
provides that a contribution of a qualified real property
interest may be exclusively for conservation purposes only if it
is protected in perpetuity. The statute contains no further
specific guidance as to when a contribution of a qualified real
property interest that is protected in perpetuity will be
exclusively for conservation purposes.
The requirement in section 170(h)(1)(C) that a qualified
contribution of a conservation easement be “exclusively for
charitable purposes” may be traced to the Tax Reform Act of 1969
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