Whitehouse Hotel Ltd. P'ship v. Comm'r
United States Tax Court
On remand from the U.S. Court of Appeals for the Fifth Circuit for further proceedings in accordance with its opinion in Whitehouse Hotel Ltd.
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On remand from the U.S. Court of Appeals for the Fifth Circuit for further proceedings in accordance with its opinion in Whitehouse Hotel Ltd. P'ship v. Commissioner, 615 F.3d 321 (5th Cir. 2010), vacating and remanding131 T.C. 112 (2008), we reconsider the value of the qualified conservation contribution made by W and whether, on account of that contribution, W is subject to an accuracy-related penalty on account of a substantial or gross valuation misstatement. 1. Held: Value of contribution determined: deduction overstated. 2. Held, further, overstatement is gross valuation misstatement.…
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
50 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Whitehouse Hotel Ltd. Partnership v. CommissionerCourt of Appeals for the Fifth Circuit · 2014
- Chandler v. Comm'rUnited States Tax Court · 2014
- Lawrence G. Graev & Lorna Graev v. CommissionerUnited States Tax Court · 2017
- Davis v. International Bank of Commerce (In re Diamond Beach VP, LP)District Court, S.D. Texas · 2016
- Anthony M. Kissling & Suzanne R. Kissling v. CommissionerUnited States Tax Court · 2020
5 more not listed; retrieve them via the Exa API.