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CONTENTS
I. Background ...............................................7
II. Atrium Issues..............................................8
A. Findings of Fact......................................8
1. Background........................................8
2. Events Preceding the 1981 Transactions. ...........11
a. Introduction................................11
b. The Committee Meeting of August 24, 1979....12
c. The Harrison Price Report...................13
d. The Planning Dynamics Report................14
e. The Committee Meeting of August 25, 1980....15
f. Approval of the Facilities Master Plan......16
3. The 1981 Transactions............................16
a. The 1700 Partnership........................16
b. The Ground Lease............................16
c. The Atrium Project Agreement................17
d. The Skyway Agreement, the 1981 Easement
Agreement, and the Space Lease..............18
4. The Ross and Eastdil Reports.....................19
5. The Committee Meeting of October 24, 1984........22
6. Construction and Operation of the Atrium.........22
7. The Atrium Assets: Cost Bases and Depreciation...24
8. The 2UBC Transaction.............................26
a. The Various Agreements......................26
b. Tax Treatment of the 2UBC Transaction.......27
9. The 3UBC Transaction.............................28
a. The Various Agreements......................28
b. Tax Treatment of the 3UBC Transaction.......30
10. The 1UBC Land Transaction........................30
11. The 1988 Atrium Transaction......................31
a. Background..................................31
b. The Atrium Sale Agreement...................31
c. Tax Treatment by UBC of the
1988 Atrium Transaction.....................33
d. UBC's Financial Statements..................34
e. Petitioner's Responses to Information
Document Requests Regarding the Atrium......34
B. The Atrium Assets: Allocation of the Costs...........35
1. Issue............................................35
2. Arguments of the Parties.........................36
3. Analysis.........................................38
a. Developer Line of Cases......................38
b. The Principles of the Developer
Line of Cases................................42
c. Application of the Basic Purpose Test........44
4. Conclusion.......................................49
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