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Report in connection with the subdivision and sale of real
property on the 48 lots of the Beaumont Property. This
reinforces the conclusion that as of April 23, 1979, the Board of
Directors decided to subdivide the Beaumont Property. Also, Mr.
Baker testified that he felt that petitioner would go ahead and
try to subdivide it into single family houses, which resulted in
a series of changes in the tentative map over a period of several
years.
Subsequent Intent in Regard to the 14 Lots vs. the 48 Lots
Contemporaneous facts, not self-serving testimony given
years later, are important in establishing intent. Philhall
Corp. v. United States, 546 F.2d 210, 215 (6th Cir. 1976);
Raymond v. United States, 511 F.2d 185, 190 (6th Cir. 1975). In
establishing its intent, petitioner relies heavily on Mr. Baker's
statements. In evaluating these statements, we examine them in
light of the events that transpired from 1978 until the exchange
in 1989.
In particular, we examine petitioner's development of the 14
lots in Tract No. 10018-1 and petitioner's actions in regard to
the Exchange Property because intent may vary from tract to
tract. See Mathews v. Commissioner, 317 F.2d 360, 361 (6th Cir.
1963).
Based on the city of Beaumont's construction of improvements
along Pennsylvania Avenue in 1981 and 1982, petitioner asserts
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