- 28 -
termination fee”, and, accordingly, LBC granted to Den-Cal a lien
to secure performance under the Atrium Operating Covenants in the
event that the Atrium were razed prior to expiration of the
obligations.
The 2UBC Sale Agreement, the 2UBC Construction Agreement,
and related agreements shall be referred to collectively as the
2UBC Transaction.
b. Tax Treatment of the 2UBC Transaction
As a result of the 2UBC Transaction, LBC realized the
following amounts from the sale of its properties:
Property Amount Realized
2UBC improvements $22,847,841
2UBC land 4,219,181
50-percent interest in
Motorbank I improvements 9,795,022
50-percent interest in
Motorbank I land 2,038,506
On January 26, 1988, the UBC affiliated group filed an
amended corporate income tax return for its 1985 taxable year, on
which the UBC affiliated group reported adjusted bases for
determining gain or loss from the sale of its properties in the
2UBC Transaction as follows:
Property Adjusted Basis
2UBC improvements $15,533,317
2UBC land 664,559
50-percent interest in
Motorbank I improvements 1,816,730
Page: Previous 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 NextLast modified: May 25, 2011