In 2006, a couple bought 310 acres in Tennessee for $1.3 million; years later a partnership claimed a $74.5 million conservation tax deduction, but a US judge valued the easement at just $500,000 and upheld a penalty

• A United States Tax Court has sharply cut a huge tax deduction claimed by a Georgia-based partnership over land in Tennessee.
• The court said the land was worth only $500,000.