- 34 -
In light of our conclusion and holding in respondent’s favor
on the prior issue (viz, that no allocation of the partnership’s
cost and basis in the land is to be allocated to the water
rights), we need not address this issue.
To reflect the foregoing,
An appropriate order
will be issued.
Page: Previous 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Last modified: May 25, 2011