Façade Easement: Inexpert Valuation
5 Pages Posted: 9 Jul 2012
Date Written: July 9, 2012
The article discusses the recent Dunlap decision, which involved facade easement transfers to the National Architectural Trust, a qualified charity that preserves building easements across the country, although most are in New York City. Although allowing a deduction for their cash contributions to NAT to enforce the easement and not finding any penalties applicable, the Tax Court held that despite two valuation reports written by accepted valuation experts, the taxpayers had not established any value for their easement.
Keywords: Dunlap, expert valuation, facade easement, charitable deduction, burden of proof
JEL Classification: H21, H24, K34, L30
Suggested Citation: Suggested Citation