§1533

The broad wording of the regulation—“include, but are not limited to”—shows that these examples should not be strictly construed; and we have expressly held “that ‘rare, endangered, or threatened’, which is undefined in the regulations, should not be limited to species listed under the Endangered Species Act of 1973 . . . (codified as amended at 16 U.S.C. sec. 1533 (2012)).” Champions Retreat v. Commissioner, T.C. Memo. 2018-146, at *24. Consistent with that holding, the Eleventh Circuit has con

See sec. 1.170A-14(d)(3)(ii), Income Tax Regs. Nonetheless, we do not find a sufficient presence ofrare, endangered, or threatened species in the easement area to satisfy the conservation purpose requirement. Mr. Echols and Mr. Wilson each observed several species ofbirds that were on conservation watchlists. Halfofthe species ob