- 106 -
EA 84-III
Respondent's
Address Loan Amount Value Loan � Value
5419 Heronwood Dr. $51,300 $58,000 88.45
5411 Heronwood Dr. 61,75065,000 95.00
3518 Tower Hill La. 60,550 55,000 110.09
12347 Northcliffe Manor Dr. 55,57545,000 123.50
13066 Clarewood Dr. 54,150 48,000 112.81
6351 S. Briar Bayou Dr.58,425 47,000 124.31
12103 Kingslake Forest Dr. 57,47546,000 124.95
12107 Kingslake Forest Dr. 47,97538,000 126.25
12111 Kingslake Forest Dr. 53,20040,000 133.00
12115 Kingslake Forest Dr. 60,80052,000 116.92
12231 Carola Forest Dr.56,050 54,000 103.80
4850 W. Ferret 67,450 71,200 94.73
4107 Medical Dr. (Condo.)56,950 56,400 100.98
13739 Earlywood Dr. 60,800 57,600 105.56
6402 Ridgecreek Dr. 60,800 55,950 108.67
Reflections Condos 1 2,590,200 1 2,100,000123.34
(40 Units)
Total 3,453,450 2,889,150 119.530
1 This is the aggregate amount for all 40 condominium units in the Reflections.
Respondent's position is that the promissory notes issued
by EA 84-III, comprising 55 of the 106 notes mentioned
above, should be disregarded for tax purposes because the
aggregate nonrecourse debt represented by those notes
exceeds the value of the properties by 19.53 percent.
The above schedules show that respondent tests
whether the principal amount of the indebtedness exceeds
the value of the property securing it in the aggregate,
rather than loan by loan. If the value comparison were
made loan by loan, most of the loans issued with respect
to the single-family residences would approximate the
value of the property securing the loan, even using
respondent's values. For example, in the case of the 12
single-family residences acquired by EA 83-XII, as shown
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