James D. and Beverly H. Turner - Page 1

                                   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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