-4- 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,Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011