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about Pasco County permit procedures. Respondent relies on the
fact that Jolly answered in the affirmative when asked, "Is a
permit transferrable?" Respondent misses the point made clear by
Jolly's other testimony, that a permit may be transferred only by
Pasco County, and not by a permit holder. Jolly testified
clearly that petitioners could not transfer their Pasco County
permits and that the B.C.C. must independently approve issuance
of a permit to a new permittee. Thus, petitioners could not sell
or exchange their Pasco County sand mine or construction and
demolition debris dump permits.
Respondent contends that Pasco County permits are analogous
to easements, grazing rights, FCC licenses, and liquor licenses,
which are generally transferrable. E.g., In re Atlantic Bus. and
Community Dev. Corp., 994 F.2d 1069, 1075 (3d Cir. 1993); Ward v.
Commissioner, 58 F.2d 757 (9th Cir. 1932); Osborne v.
Commissioner, 87 T.C. 575 (1986); Uecker v. Commissioner, 81 T.C.
983 (1983), affd. 766 F.2d 909 (5th Cir. 1985); Radio Station
WBIR, Inc. v. Commissioner, 31 T.C. 803, 813 (1959); Tube Bar,
Inc. v. Commissioner, 15 T.C. 922 (1950). Respondent's argument
does not apply because petitioners did not transfer their Pasco
County permits.
Respondent called Catlett as an expert witness to appraise
the 76.5 acres as of June 1990. He testified that the 76.5 acres
would be worth $1,163,000 with permits and $710,000 without
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