Lakewood Assocs. v. Commissioner
United States Tax Court
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 that resulted in about 75 percent of the land's being classified as wetlands.
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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 that resulted in about 75 percent of the land's being classified as wetlands. L is required to obtain a permit under the Clean Water Act of 1977, Pub. L. 95-217, sec. 67(a) (commonly called a section 404…
1Opinion of the Court
Gerber, Judge:
Respondent issued a notice of final partnership administrative adjustment to Lakewood Associates for taxable year 1989. The issue for our consideration is whether Lakewood Associates is entitled to a loss deduction under section 1651 in 1989 for a decrease in the value of real property alleged to have been caused by restrictions imposed on its ability to develop the property by Federal wetland regulations that were issued in that year.2
FINDINGS OF FACT3
Lakewood Associates (Lakewood) is a Virginia general partnership with its principal place of business in Virginia Beach,…
2Cases cited12 opinions
- Lucas v. South Carolina Coastal CouncilSupreme Court of the United States · 1992
- Agins v. City of TiburonSupreme Court of the United States · 1980
- United States v. Riverside Bayview Homes, Inc.Supreme Court of the United States · 1985
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Stanley Works v. CommissionerUnited States Tax Court · 1986
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3Cited by3 opinions
- Lakewood Associates v. United StatesUnited States Court of Federal Claims · 1999
- Lakewood Associates, Robert G. Moore, Tax Matters Partner v. CommissionerUnited States Tax Court · 1997
- Lakewood Assocs. v. CommissionerUnited States Tax Court · 1997