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Revenue Ruling 70-510
Internal Revenue Service
1970-2 C.B. 159 (1970)
- Written by Jessica Rice, JD
Facts
A taxpayer (plaintiff) provided the government with an easement pursuant to the government’s flood-control project. The easement was negotiated by the government and the taxpayer for a fair price without the threat of eminent domain or litigation. In consideration, the government paid the taxpayer 20 percent of the fee value. Additionally, the easement did not prevent the taxpayer from retaining title and full use of the land when it was not flooded. The Internal Revenue Service (IRS) (defendant) determined that the easement had created an adjustment to the property and should be considered in the adjusted basis for determining gain or loss at a subsequent sale or disposition of the land.
Rule of Law
Issue
Holding and Reasoning ()
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