Selling property to a municipality for less than it’s worth nets a deduction for the balance. A man who owns undeveloped land initially wanted to subdivide it for residential use, but decided not to when the town raised environmental concerns. He got an appraisal valuing the land at just under $3 million, and four years later, he transferred the property to the town for use as open space for half that amount. IRS claimed that the land was overvalued and his appraisal wasn’t contemporaneous, and ended up allowing most of the deduction he claimed (Crimi, TC Memo. 2013-51).