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LOMAS SANTA FE, INC. v. COMMISSIONER

Docket No. 6578-77.

74 T.C. 662 (1980)

LOMAS SANTA FE, INC., AND SUBSIDIARY COMPANIES: LOMAS SANTA FE COUNTRY CLUB, NORCO LANDSCAPE & MAINTENANCE CO., PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed July 9, 1980.

Attorney(s) appearing for the Case

William P. Shannahan and John S. Huiskamp, for the petitioners.

Louis A. Boxleitner, for the respondent.

GOFFE, Judge:

The Commissioner determined a deficiency in the Federal income tax of petitioners for the taxable year ended July 31, 1973, in the amount of $107,460.76. Due to concessions, one issue remains to be decided: whether an estate for 40 years retained by petitioner Lomas Santa Fe, Inc., is an interest subject to an allowance for depreciation under section 167(a), I.R.C. 1954.1<...

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