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From 1981 through 1997, petitioners purchased additional
unimproved property adjacent to or near the 40 acres, as follows:
Petitioners’ Cumulative
Year Acres Purchased Cost Total Acreage At Yearend
1981 50 $10,000 190
1982 160 38,750 250
1985 220 66,000 470
1986 220 55,000 690
1992 300 75,000 990
1993 220 6,000 1,210
1995 60 18,000 1,270
1995 5 6,000 1,275
1996 320 96,000 1,595
1996 200 40,000 1,795
1997 40 10,000 1,835
1 The 90 acres comprises the original 40 acres purchased in
1975 plus the 50 acres purchased in 1981.
Petitioners generally paid from $200 to $350 an acre for the
property described above, much of which was wooded or partly
wooded.
Also, during 1993, 1994, and 1995, petitioners leased 2,680
additional acres located near the above property.
By 1999, petitioners owned approximately 2,000 acres and
leased an additional 2,680 acres. Petitioners’ fee ownership and
leasehold interest in the above property apparently did not
include the right to mineral interests in the property.
Since 1982, when petitioners first purchased cattle to raise
on their property, petitioners have made improvements to the
property, in addition to those improvements previously mentioned,
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Last modified: May 25, 2011