The Tax Court ruled that the value claimed on a taxpayer's return exceeded the value of a conversation easement by 7,694 percent. The taxpayer was a limited liability company, classified as a TEFRA partnership. The Tax Court used the comparable sales method, as backstopped by the price actually paid to acquire the property.

State and local housing credit agencies that allocate low-income housing tax credits and states and other issuers of tax-exempt private activity bonds have been provided with a listing of the proper population figures to be used when calculating the 2025: calendar-year population-based component of the state housing credit ceiling under Code Sec. 42(h)(3)(C)(ii), calendar-year private activity bond volume cap under Code Sec. 146; and exempt facility bond volume limit under Code Sec. 142(k)(5)