"IRS Toughens Scrutiny of Land Gifts" is the headline to this story today in the Washington Post that begins:
The Internal Revenue Service announced yesterday that it is cracking down on improper tax deductions taken by people who give real estate and cash to environmental groups, warning that taxpayers could face penalties and charities could lose their tax-exempt status.Posted by Marcia Oddi at July 1, 2004 12:43 PMThe IRS is specifically targeting gifts of "conservation easements" -- deed restrictions that limit some types of real estate development. The easements have become the environmental movement's key tool for preserving fragile ecosystems and millions of acres of open space.