T.C. Memo. 2004-195
UNITED STATES TAX COURT
GARWOOD IRRIGATION COMPANY, Petitioner v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 1459-03. Filed August 30, 2004.
Donald F. Wood, Benjamin M. Leff, and Karl S. Stern, for
petitioner.
Richard T. Cummings, for respondent.
MEMORANDUM FINDINGS OF FACT AND OPINION
GOEKE, Judge: Respondent determined a deficiency of
$15,819,650 in petitioner’s 1999 Federal income tax. The issue
for decision is the value of petitioner’s primary asset, the
right to divert 168,000 acre feet of water from the Colorado
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