CAVE BUTTES, L.L.C. v. COMMISSIONER

Docket No. 5788-11.

147 T.C. 338 (2016)

147 T.C.No. 10

CAVE BUTTES, L.L.C., MICHAEL WOLFE, TAX MATTERS PARTNER, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed September 20, 2016.



Cave Buttes, LLC owned 11 acres on a hill that in the distance overlooked downtown Phoenix. But up close it overlooked a dam owned by the Maricopa County Flood Control District. The District staff did not want Cave Buttes to build anything close to its dam, but Cave Buttes insisted it had the right and ability to build at least three...

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