The First Circuit Court of Appeals has vacated a Tax Court decision that denied the donors of an historic façade easement a charitable contribution because a prior mortgagee of the property retained first priority on receipt of insurance proceeds in case of a casualty. The Tax Court had ruled that the easement was not held “in perpetuity” because the donee of the easement was not entitled to its proportionate share of the proceeds. ( See Nonprofit Issues®, Tax Matters, 5/16/10 .) The donors claimed a noncash contribution deduction of $220,800 for the gift of the easement on a $1 million row house in Boston’s South End to the National Architectural Trust on their 2003 tax return. Apparently...