A new kind of trust is prescribed by law through a revision of the law of trust in 2006 amid expectations for its growing practical use. Corresponding to the revision of this law of trust, a revision of the taxation system of trust was performed in fiscal year 2007. This article examines taxation for promoting the practical use of the new trust in dealing with air rights from the standpoint of how the new tax system will be more effectively used. It also describes the land trust system as a research tool for increasing the practical use model, specifically for the new trust. Although the land trust was expected for the purpose of urban redevelopment as a system of advanced use of the land by two or more trustors and beneficiaries, many issues must be examined not only by the laws of trust but also by those through the taxation system of trust. Moreover, this article explores the possibility of whether the specific beneficiary certificate issue trust in the newly provided law of trust can be utilized for air rights transactions, descriptions for the meaning of the air rights（Air Rights）and TDR（transferable development rights）, which originated in the United States of America. In Penn Central Transportation Co. v. City of New York, 483 U.S. 104, 1978, the court refers to questions of whether the airspace above buildings is a valuable property interest. In its verdict, the court accepted the issue as having valuable property interest, citing United States v. Causby, 328 U.S. 256, 1946. There are rights of private law and systems in the public law that have a function of air rights in Japan which are difficult from those of the U.S. For instance, one of those systems includes a problem of the taxation regarding how incomes under contract consideration for the easement, which is part of the public law system, are categorized.