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sale. Laney used the $18,000 to pay R.K. expenses. Petitioners
did not report the sale, the $18,000 income therefrom, or the
R.K. expenditures on their 1981 tax return. Petitioners deducted
the $18,000 expenditures on their 1983 tax return, but did not
report the $18,000 income on their 1983 tax return.
On July 31, 1978,7 Laney filed a joint permit application
with the Army Corps of Engineers and the Florida Department of
Environmental Regulations for permits to develop the Island as a
primate breeding and vaccine testing facility. In a “FINAL
ACTION” dated October 22, 1979, the Army Corps of Engineers
denied Laney’s permit application to (1) discharge fill material
in navigable waters in order to form a permanent concrete capped
pier, and (2) construct a floating pier in navigable waters, both
of which Laney believed were necessary in order to develop the
Island as a primate breeding and vaccine testing facility.
On March 16, 1980, Laney sued in the Court of Claims,
alleging (1) that the action, described supra, of the Army Corps
of Engineers denied any access to or use of the Island, and thus
(2) that the action constituted a taking for which Laney should
be compensated in the amount of $16,347,250. Laney’s counsel in
7 So stipulated. The Court of Claims found that the
application was filed on July 9, 1978. Laney v. United States,
228 Ct. Cl. 519, 661 F.2d 145, 146 (1981). The difference in
dates is not material for our purposes.
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