126 T.C. No. 16
UNITED STATES TAX COURT
JAMES D. AND BEVERLY H. TURNER, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 5165-04. Filed May 16, 2006.
P, a real estate investor, purchased 29.3 acres of
unimproved land in a historical overlay district, 15.04
acres of which were located within a designated
floodplain. Property development was subject to county
regulations that were more stringent for property
within a historical overlay district. Among the
regulations were zoning and rezoning requirements, as
well as limitations on development of designated
floodplain areas. Thirty lots were permissible under
current zoning. County approval would be required for
denser zoning usage. P, claiming that he was entitled
to develop up to 62 residences on smaller lots,
executed a deed to Fairfax County purporting to limit
development of the property to 30 residences. On their
1999 Federal income tax return, Ps claimed a
contribution deduction for a qualified conservation
easement under sec. 170(h)(1), I.R.C.
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