Terrene Investments, Ltd., Deerbrook Construction, Inc., Tax Matters Partner - Page 1















                              T.C. Memo. 2007-218                                     


                               UNITED STATES TAX COURT                                


            TERRENE INVESTMENTS, LTD., DEERBROOK CONSTRUCTION, INC., Tax              
                           Matters Partner, Petitioner v.                             
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      


               Docket No. 4797-04.              Filed August 7, 2007.                 


               Lawrence Sherlock and William Grimsinger, for petitioner.              
               Thomas Fenner, for respondent.                                         


                                 MEMORANDUM OPINION                                   

               HOLMES, Judge:  This is a single issue case: what was the              
          fair-market value of a 31.41-acre property near Houston on                  
          November 15, 1998?  The property’s former owner says it was                 
          $1,801,618.  The Commissioner says it was $301,000.  Both parties           
          agree the property held valuable sand and gravel deposits, but to           







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Last modified: November 10, 2007