Lakewood Associates, Robert G. Moore, Tax Matters Partner v. Commissioner

109 T.C. No. 21

UNITED STATES TAX COURT LAKEWOOD ASSOCIATES, ROBERT G. MOORE, TAX MATTERS PARTNER, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket No. 24656-93. Filed December 29, 1997. L, a partnership, purchased land on which it intended to build single-family residences. At the time of purchase, the land was zoned for agricultural use and one-third of the land was wetlands under Federal wetland regulations. In 1988, L applied for rezoning of the land to residential, and in 1989, L's rezoning application was denied. Also in 1989, new Federal wetland regulations were issued…