Read v. Supervisor of Assessments

CATHELL, Judge.

This case presents two issues of first impression before this Court: the effect of the withdrawal and subsequent sale, closely related in time, of property subject to a Forest Conservation and Management Agreement and the applicability of the step transaction doctrine. Because the Tax Court proper ly upheld the imposition of a rollback tax with respect to appellant’s withdrawal and conveyance of property subject to a Forest Conservation and Management Agreement, we shall affirm.

I. Facts

In 1972, appellant Kenneth F. Read and his now deceased wife, Sondra D. Read, entered into a…