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Case Citations [1] (April 2022 - August 2022)

handle is hein.ali/relwprpty0263 and id is 1 raw text is: THE AMERICAN LAW INSTITUTE PROPERTY DIVISION 3. FUTURE INTERESTS PART 1. INTRODUCTION CHAPTER 7. FUTURE INTERESTS DIFFERENTIATED § 156. Remainder Tex.App.2021. Subsec. (1) quot. in sup. In a dispute over a gift deed that decedent had executed to convey his interest in a family ranch to his daughters, decedent's wife sued daughters, seeking, among other things, a declaration that decedent only intended to convey his 1/8 interest in the ranch to daughters, and not his remainder interest in his mother's life estate in 1/8 of the ranch. The trial court granted summary judgment for daughters. Reversing and remanding, this court held that the gift deed unambiguously transferred only decedent's then-present ownership interest in the ranch and did not operate to transfer his remainder interest. The court cited Restatement of Property § 156 in reasoning that, while decedent's remainder interest was vested and therefore transferable, it was a future interest, which required clear language manifesting an intent to convey it, and the gift deed lacked such language. Parker v. Jordan, 632 S.W.3d 108, 119. DIVISION 5. SERVITUDES PART 1. EASEMENTS CHAPTER 37. DEFINITIONS § 450. Easement C.A.6, 2022. Cit. in conc. op. Taxpayer challenged a regulation providing that, in order to be deductible, a donation of a conservation easement to a charitable organization had to be granted in perpetuity or, upon extinguishment of the easement, the organization had to receive as proceeds a fair market value that was at least equal to the proportional value that the easement bore to the value of the entire property at the time of the gift. The Tax Court concluded that the regulation was valid, and this court affirmed. The concurring opinion cited Restatement of Property §§ 450 and 452-which provided that an easement was an interest in land owned by another that might last forever but did not give the holder the right to possess, take from, improve or sell the land-in arguing that the regulation was invalid. Oakbrook Land Holdings, LLC v. Commissioner of Internal Revenue, 28 F.4th 700, 730. COPYRIGHT C2022 By THE AMERICAN LAW INSTITUTE All rights reserved Printed in the United States of America For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.

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