Holding land for investment (held for the production of income) very well seems to fit IRC 212 - as would any property held for income, not just raw land, as 212 says:
In the case of an individual, there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year—
(1) for the production or collection of
income;
(2) for the management, conservation, or maintenance of
property held for the production of
income; or
