In Re North Wilkesboro Speedway, Inc.

HUDSON, Judge.

North Wilkesboro Speedway, Inc. (“Taxpayer” or “Speedway”), a North Carolina corporation, owns real property (“the Property”) located in Wilkes County, North Carolina. Located on the Property is a race track facility. Prior to 1995, NASCAR sponsored two annual races at North Wilkesboro Speedway as part of its Winston Cup Series. In 1995, New Hampshire International Speedway, Inc., and Speedway Motorsports, Inc., each acquired fifty percent of the shares of North Wilkesboro Speedway, Inc. Before these entities purchased the Speedway, NASCAR assured them that the Winston Cup race…