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Taxpayers, promoters, appraisers, and others involved in improper tax deductions for conservation easement donations may face penalties, the Treasury Department and the Internal Revenue Service (IRS) announced in a recent notice. The notice advised taxpayers that the IRS intends to disallow improper charitable contribution deductions for transfers of easements:
* On real property to charitable organizations; and
* In connection with purchases of real property from charitable organizations.
According to the IRS, some taxpayers are claiming inappropriate charitable contribution deductions for:
* Easement transfers that …