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corporation owned by Mr. Dibble. For purposes of the foregoing
transfer, Mr. Askins and Mr. Dibble treated the property as
having an exchange value of $160. Finally, the Canal was deeded
from Blue, Inc., to petitioners on December 10, 1990, for
consideration of $10 and the exchange of other property.5 Four
days later, on December 14, 1990, petitioners contributed the
Canal to the South Carolina Public Service Authority (SCPSA).
Petitioners contributed the Canal because the Clarendon County
Tax Assessor had advised petitioner that the owners of the 28
lots surrounding the Canal were very upset that the Canal had
been sold and had suggested that petitioner either attempt to
work out some kind of agreement with the owners or give the
property to the SCPSA. Petitioners decided to contribute the
property to the SCPSA so they would not have to deal with the
disgruntled owners.
At the time they contributed it, petitioners had not visited
the property and knew very little about it. In fact, petitioners
did not visit the property until approximately 1 month prior to
the trial in this case. However, petitioner received a letter
dated December 14, 1990 (the date of the contribution), from
Harby Moses, Jr., a licensed contractor doing business as Coastal
5 The record does not indicate what property was exchanged,
or its value.
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