Charles H. Browning, Jr., and Patricia L. Browning - Page 2

                                        - 2 -                                         

               easement.  Held, further, fair market value of easement                
               determined.  Held, further, economic benefit of                        
               charitable contribution deduction, tax-free interest,                  
               and tax deferral from installment sale are not part of                 
               amount realized by petitioners; amount realized and                    
               charitable contribution determined.                                    

               James L. Thompson, Lewis R. Schumann, and Glenn M. Anderson,           
          for petitioners.                                                            
               Susan T. Mosley and Warren P. Simonsen, for respondent.                

               HALPERN, Judge:  These consolidated cases involve the                  
          following determinations by respondent of deficiencies in                   
          petitioners’ Federal income taxes:                                          
                              Year           Deficiency                               
                              1990           $16,910                                  
                              1991           3,481                                    
                              1992           7,720                                    
                              1993           4,013                                    
          The issue in dispute is the amount (if any) of petitioners’                 
          charitable contribution on account of petitioners’ conveyance to            
          Howard County, Maryland, in 1990 of an easement relating to                 
          certain real property.                                                      
               Unless otherwise noted, all section references are to the              
          Internal Revenue Code in effect for the years in issue, and all             
          Rule references are to the Tax Court Rules of Practice and                  

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011