The U.S. Tax Court has denied charitable contribution deductions for the grant of an historic façade easement on a New York City condominium to the National Architectural Trust. The Court has concluded that the taxpayers had not shown that the easement has any value. It said that the New York City Landmarks Preservation Commission (“LPC”) restrictions on the property had already reduced the value of the property and it was not convinced that the grant to the Trust provided any significant additional protection. The unit owners of the Cobblestone Loft condominium, a seven-story loft in the Tribeca North Historic District of Manhattan, claimed their proportionate share of the easement valued...