Valuation in Perpetuity: The Impact of Conservation Easement Litigation

Publication: Tax Notes Federal, December 8, 2025

For years the IRS resolved conservation easement cases on technical grounds rather than value.

William Stone traces how that changed as appellate courts reversed the Tax Court on conservation purpose, perpetuity, and the proceeds regulation, including the circuit splits in Belk, BC Ranch, Pine Mountain, Hewitt, and Oakbrook.

Using year-by-year tables of rulings from 2020 through 2025, he shows the Tax Court now reaches valuation in nearly every case. He explains why that matters beyond tax: the same real property valuation principles affect other areas, including Fifth Amendment takings.

Related services: Valuation Disputes · U.S. Tax Court Litigation

Read the article