- 26 -
Accordingly, petitioners have not satisfied the open space
requirement of section 170(h).
(2) Historic Preservation
We now consider whether petitioners satisfied the third
requirement by showing that their contribution comes within the
historic preservation requirement of section 170(h). The
historic preservation requirement may be met by showing the
preservation of a “historically important land area” or
“certified historic structure”. The legislative history
underlying this aspect of the statute describes a “historically
important land area” as one that is important in its own right or
in relation to “historic structures”:
The term “historically important land area” is intended
to include independently significant land areas (for
example, a civil war battlefield) and historic sites
and related land areas, the physical or environmental
features of which contribute to the historic or
cultural importance and continuing integrity of
certified historic structures such as Mount Vernon, or
historic districts, such as Waterford, Virginia, or
Harper’s Ferry, West Virginia. * * * [S. Rept. 96-
1007, supra at 12, 1980-2 C.B. at 605; emphasis added.]
See also sec. 1.170A-14(d)(5), Income Tax Regs.
Petitioners argue that limiting the development of the Grist
Mill property promoted the preservation of the historic Grist
Mill. On this point, petitioners reference the open
floodplain,11 the “quiet and peaceful atmosphere” of limited
11Petitioners’ arguments with respect to giving up the right
(continued...)
Page: Previous 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 NextLast modified: May 25, 2011