McNeil, et ux. v. Comr., T.C. Memo. 2011-109

(sale of conservation easement on approximately 580 acres of land to American Farmland Trust in bargain sale transaction and on 520 acres in bargain sale transaction to Ducks Unlimited generated state (CO) conservation credit of $260,000, and taxpayer sold $231,600 of the credit for $178,332; state credits are capital assets and amount received on sale was short-term capital gain; taxpayer cannot tack holding period attributable to land to holding period in credit because credits never part of taxpayer's real property rights; court's opinion based on earlier opinion in Tempel v. Comr., 136 T.C. No. 15 (2011)).