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 toPage: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 NextLast modified: November 10, 2007