In this case from Colorado, the petitioner sought to develop an historic site into condominiums. The petitioner sought to build the condos in the parking lot for the historic building and preserve the historic building in order to get the city to modify existing zoning restrictions, but the city sought conservation easements in return. Petitioner valued easement at $7 million, but did not indicate on return that it had received anything in return for the easement. IRS claimed that filing and appraisal requirements were not satisfied with result that easement-related deduction was approximately $400,000. The court determined that the petitioner was not entitled to any deduction due to the lack of consideration for the easements at issue. Seventeen Seventy Sherman Street, LLC v. Comr., T.C. Memo 2014-124.