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James Stanley Blacklock to protest the valuations placed on the
Litton property by the LCAD. Mr. Blacklock, in a document
presented to the LCAD on petitioners' behalf, represented that
all copper plumbing had been stolen from the Litton building, and
for all practical purposes the building was a shell. Mr.
Blacklock indicated that the best possible use for the Litton
building was as a warehouse which would require stripping the
inside. In 1989, Mr. Blacklock estimated the value of the Litton
property to be $336,000.
The LCAD determined the appraised value of the Litton
property to be $499,338 as of July 19, 1990. The LCAD determined
the appraised value of the Litton property to be $499,338 for the
years 1991 and 1992.
On December 17, 1992, petitioners gave the 11.656 acres, the
parcel of 30.3 acres, and the Litton building (the gifted Litton
property) to the South Plains Food Bank, Inc. Petitioners
retained the 8.56 acres. The South Plains Food Bank, Inc., is a
qualified charitable organization under section 170.
Based on an appraisal that determined the fair market value
of the gifted Litton property to be $1,805,0004 on December 15,
1992, Mr. and Mrs. Talkington and Mr. and Mrs. Sessions deducted
$900,000 and $902,500, respectively, as charitable contributions
4 We note that both petitioners' and respondent's
appraisers occasionally rounded their estimates of fair market
value to the nearest hundred or thousand dollars.
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