Legal Opinion
Whitehouse Hotel Limited Partnership, QHR Holdings-New Orleans, Ltd., Tax Matters Partner v. Commissioner
United States Tax Court
Decided October 23, 2012No. Docket 12104-03Unknown
1Opinion of the Court
CONTENTS
SUPPLEMENTAL OPINION . 306
Discussion . 314
I. Introduction . 314
315 II.Approaches to Valuation
A. Cost Approach . co ÜT
1. In General . oo OI
318 2. Comparing Petitioner’s Historic Cost to Mr. Roddewig’s Cost Estimate .
318 3. Terra Cotta Reproduction Cost .
319 4. External Obsolescence .
320 5. Land Value .
321 6. Conclusion ...
321 B. Income Approach .
321 1. Introduction .
321 2. In General .
326 3. Conclusion .
328 C. Comparable-Sales Approach .
328 1. Introduction .
329 2. Disregard of Sales of Nonlocal Comparable Properties
330 3. Highest and Best Use .
332 4. Second-Best Use .
336 5. Conclusion .
2Cases cited55 opinions
- Olson v. United StatesSupreme Court of the United States · 1934
- In Re Sanford Fork & Tool Co.Supreme Court of the United States · 1895
- Graves v. United StatesSupreme Court of the United States · 1893
- Brazos River Authority v. GE Ionics, Inc.Court of Appeals for the Fifth Circuit · 2006
- Southmark Properties and St. Charles Avenue, Inc. v. The Charles House CorporationCourt of Appeals for the Fifth Circuit · 1984
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