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FINDINGS OF FACT
Many facts were stipulated. The parties’ stipulation of
facts and the exhibits submitted therewith are incorporated
herein by this reference. The stipulated facts are found
accordingly. When petitioner’s petition was filed, his mailing
address was in Hackensack, New Jersey. TBP’s mailing address was
also in Hackensack, New Jersey, when a petition was filed on its
behalf.
In 1975, Alpha Farms, Inc. (Alpha), an entity whose
principal shareholder is petitioner, purchased 93.97 acres of
unimproved land (land) in Upper Freehold, New Jersey, for
$197,337. The only structure on the land was a hay barn that was
built around 1900. From 1978 to 1980, Alpha erected various
buildings (buildings) on the land to transform the land into a
horse breeding farm (collectively, the buildings and land are
referred to as the farm). These buildings included: (1) A two
bedroom, two bath house, (2) a grooms’ quarters and office
consisting of eight rooms and a double and single bath, (3) a
concrete barn with 16 stalls, (4) a steel barn with 22 stalls and
an x-ray room, (5) a training arena with 10 stalls and an indoor
exercise area with an artificial surface, (6) an equipment shed,
2(...continued)
hold for respondent. The record contains no evidence that would
support a holding for petitioner as to those issues. See Rule
142(a).
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Last modified: May 25, 2011