-2- $5,810,000 charitable contribution deduction claimed on their 1988 amended Federal income tax return. The issue for decision is whether petitioners made a charitable contribution of land to the State of Delaware within the meaning of section 170(a) and, if so, the fair market value of the contribution on the date of donation. All section references are to the Internal Revenue Code in effect for the years under consideration. All Rule references are to the Tax Court Rules of Practice and Procedure. FINDINGS OF FACT Some of the facts have been stipulated and are found accordingly. The stipulation of facts and the attached exhibits are incorporated herein by this reference. Petitioners William P. Short, Jr. and Mary E. Short, husband and wife,1 resided in Bethany Beach, Delaware, at the time they filed the petition herein. For convenience, we refer to William P. Short, Jr. as petitioner. The Disputed Land Petitioners owned substantial tracts of undeveloped land along the Atlantic Ocean beaches in Sussex County, Delaware (Sussex County). They claimed title to certain parcels of land (the disputed land) in the same vicinity. The State of Delaware also 1 At the time of trial, both petitioners were ill and unable to testify. The Court has made no adverse inferences as a result of their failure to testify. Petitioners' son, Rodney Short, testified on petitioners' behalf.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
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