Chester F. and Faye L. Sidell - Page 6

                                        - 6 -                                         

          Rehabilitation of Everett Mill/Kunhardt Mill Properties                     
               On May 16, 1986, Mr. Sidell submitted a historical                     
          preservation application to the U.S. Department of the Interior             
          requesting certification that the Everett Mill property was a               
          "certified historic structure".  Certification was subsequently             
          granted by the National Park Service (Park Service).  Thereafter,           
          in 1989 and 1990, substantial rehabilitation, repairs, and                  
          modifications were made to the Everett Mill property.  Petitioners          
          claimed rehabilitation credits for the rehabilitation expenditures          
          in 1989 and 1990.  The rehabilitation credits for these years were          
          allowed and are not at issue in this case.                                  
               Seeking similar tax treatment for the Kunhardt Mill property,          
          and concurrently with its acquisition, Mr. Sidell (on behalf of CFS         
          Realty Trust) instituted a major rehabilitation project with                
          respect to the property.  After repairs and renovations had begun           
          on the Kunhardt Mill property, Mr. Sidell submitted a historic              
          preservation certification application on March 23, 1993, to the            
          U.S. Department of the Interior seeking a determination that the            
          work previously done on the property conformed with its "Standards          
          for Rehabilitation".  After Mr. Sidell completed the rehabilitation         
          project, the Park Service preliminarily determined that the work            
          performed on the Kunhardt Mill property was eligible for "certified         
          rehabilitation" status.  Subsequently, on September 23, 1994, Mr.           
          Sidell submitted a "Historic Preservation Certification Application         

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011