Camp Wolters Enterprises, Inc. v. Commissioner

OPINION.

Black, Judge:

1. The major issue involves determining the correct basis of the buildings and improvements acquired from the Government by the petitioner. Respondent argues that their basis is composed only of the following:

Cash paid to the Government under the “contract” of purchase_$412, 500

Paid the Dennis Group’s nominee (Mims) for assignment of the

purchase “contract” and restoration rights_ 1,424

An unidentified and uncontested sum_ 2,350

$416,274

Petitioner, on the other hand, contends that included in that basis is an additional $411,080.20 given the Dennis Group (through Mims) in…