Hilborn v. Commissioner
United States Tax Court
Ps were limited partners in S, which acquired a building located in the historic French Quarter of New Orleans. S granted to a qualified charitable organization an easement in perpetuity in the facade of the building, which grant qualified as "exclusively for conservation purposes" under sec. 170(f)(3)(B)(iii) and (C), I.R.C. 1954 (1979). Held, fair market value of the facade donation determined by applying the "before and after" valuation approach.
1Opinion of the Court
Nims, Judge:
Respondent determined a deficiency of $1,690.64 in petitioners’ 1979 Federal income tax.
After concessions, the issue for decision is the fair market value of an historical facade donated to the Vieux Carre Commission of New Orleans by a limited partnership pursuant to a servitude agreement under Louisiana law.
FINDINGS OF FACT
Certain facts have been stipulated and are so found. The stipulation of facts and attached exhibits are incorporated herein by this reference.
Petitioners Michael G. and Helene A. Hilborn (husband and wife, hereinafter sometimes referred to as petitioners)…
2Cases cited1 opinion
- Simms v. Commissioner of Internal RevenueCourt of Appeals for the D.C. Circuit · 1952
3Cited by59 opinions
- Stanley Works v. CommissionerUnited States Tax Court · 1986
- Whitehouse Hotel Ltd. Partnership v. CommissionerCourt of Appeals for the Fifth Circuit · 2010
- Symington v. CommissionerUnited States Tax Court · 1986
- Commissioner v. SimmonsCourt of Appeals for the D.C. Circuit · 2011
- Scheidelman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 2012
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