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