DEAR BOB: I own several acres of vacant land, zoned agricultural, which is valued at $145,000 per acre. Until about five years ago, I had many prospective development buyers. But then the city and county announced future plans to build a frontage road through my property. Now there is no interest in my land from buyers. But the city and county refuse to make a decision to buy or condemn my land. In the meantime, I have to pay property taxes and also pay for trash removal. Do I have any recourse under Internal Revenue Code 1033 for "involuntary conversion"? – Zoe H. DEAR ZOE: Internal Revenue Code 1033 applies to tax-deferral benefits for real estate owners who either have their property condemned by eminent domain or have their property seriously damaged, such as by fire or flood. ...
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