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84 Ohio St. L.J. Online 1 (2023)

handle is hein.journals/furth84 and id is 1 raw text is: OHIO STATE LAW JOURNAL ONLINE Conservation Easement Deductions and a Practical Approach to the Mortgage Subordination and Proceeds Requirements CONNER JUDSON* TABLE OF CONTENTS I. IN TR O D U CTIO N ............................................................................. 1 II. THE MORTGAGE SUBORDINATION AND PROCEEDS REQUIREMENTS AND INTRODUCTION TO THE CASE LAW .......................................... 3 A. The Mortgage Subordination and Proceeds Requirements......4 B. Interpretations of the Mortgage Subordination and Proceeds R equirem en ts ........................................................................ . 5 1. The First Circuit Approach in Kaufman III ...................6 2. The Strict Approach in Palmolive ..................................7 III. COURTS AND THE IRS SHOULD EMBRACE THE PRACTICALITY OF THE KA UFMANIII APPROACH....................................................... 9 A. The Kaufman III Approach is Preferable Because It Maintains Proper Incentives, Upholds the Aims of § 170(h), and Ultimately Reflects a Broader Trend Towards Flexibility ....... 9 1. The Kaufman III Approach Maintains Proper In cen tives ....................................................................... . . 9 2. Relying on the Donor-Donee Relationship Still Comports with the Legislative Aims of § 170(h) ...........................13 3. More Flexibility is Being Introduced Outside the First C ircu it......................................................................... . . 14 B. The IRS Should Focus on Conservation and Valuation Issues Rather Than Technical Requirements ...............................15 IV . C ON CLU SIO N ............................................................................. 17 I. INTRODUCTION Conservation easements have emerged as an important tool in the constant struggle to balance economic advancement with environmental and historic protection, and have even been utilized for community development.1 A * Online Editor, Ohio State Law Journal; J.D. Candidate, The Ohio State University Moritz College of Law, 2023. I would like to thank my family for their love and support, and my peers on the OSLJ Online team for their hard work and assistance. All errors are my own. 1 See Richard J. Roddewig, Conservation Easements & Their Critics: Is Perpetuity Truly Forever ... And Should It Be?, 52 UIC J. MARSHALL L. REv. 677, 679 (2019); 20231 1

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