40 T.C.M. (CCH) 885
CHARLES E. STANTON, Petitioner
COMMISSIONER OF INTERNAL REVENUE, Respondent
United States Tax Court
August 6, 1980
Held: Fair market value of land determined.
Joseph M. Montano, for the petitioner.
John D. Moats, for the respondent.
MEMORANDUM FINDINGS OF FACT AND OPINION
Respondent determined deficiencies in petitioner's income tax as follows:
These deficiencies result from the disallowance of carryovers of charitable deductions from a contribution made in 1970. The only issue with which we are presented is the determination of the fair market value of land contributed by petitioner to the Catholic Archdiocese of Denver. FINDINGS OF FACT Some of the facts have been stipulated. The stipulation of facts, together with the exhibits attached thereto, are incorporated herein by this reference. Petitioner filed his Federal income tax returns for the years in issue with the Office of Internal Revenue Service at Ogden, Utah. At the time he filed his petition herein, petitioner resided in Denver, Colorado. In 1962, petitioner acquired 138 acres of land known as the Belmar property from his wife's estate, including the Belmar Estate (hereafter Estate), a plot consisting of a mansion on a parcel of 9.995 acres of heavily treed land. The Estate has a frontage of 376 feet on Wadsworth Boulevard and a depth of 1,055 feet to the rear or west property line, which is 476 feet. There is a ‘ jog’ to the north and south of 50 feet, making the site somewhat irregular. The property is level and at grade level with South Wadsworth Boulevard. The rear property line extends along the boundary of Kountze Lake, providing a view west to the Rocky Mountains. As of May 1, 1970, the property was zoned A-1 
agricultural. There was no sewer service to the property at that time and the property was served by a septic system. The Estate is located in the south-central portion of the City of Lakewood in Jefferson County, one of the fastest growing of the five Denver metropolitan counties. It is approximately 6 miles southwest of Denver's downtown business district and is located on the west side of South Wadsworth Boulevard, approximately three blocks south of West Colfax Avenue. In 1970, the downtown district of Lakewood was located near the intersection of Wadsworth Boulevard and West Colfax Avenue. Access to the property is excellent and primarily provided by South Wadsworth Boulevard, which in 1970 was a four-lane, heavily-traveled road running north-south. At the time the Estate was purchased by Lake Craddock Development Company in April 1971, however, it was difficult to get onto the property when going north on Wadsworth Boulevard because there was not a stop light. A stop light was later placed on the street. Also providing access to the neighborhood is Alameda Avenue, located approximately three blocks north of the property. This, too, was a main, heavily-traveled, four-lane artery running in an east-west direction. Both sides of west Alameda Avenue were improved with a mixture of commercial and residential properties. U.S. Highway 6 (also Sixth Avenue) is located approximately 10 blocks north of the property. This is a limited access freeway, running in an east-west direction, carrying traffic west to the mountains and east into the downtown business district of Denver. U.S. Highway 6 connects with Interstate Highway 25 near Highway 70 approximately 8 miles west of the property. A large vacant tract was located directly east across Wadsworth Boulevard from the Estate and adjacent to the Villa Italia shopping center to the south. The neighborhood of the property was approximately two-thirds to three-fouths developed in 1970 and the trend in the area was towards further growth. The lands surrounding the property (that is, on the north and south and directly across Wadsworth to the east) were all zoned A-1 in 1970. Nearby property had been rezoned, however, from agricultural to classifications permitting commercial development, multi-family housing development, and planned development. Commercial activity extended along both sides of Alameda Avenue north of the Subject property. Property to the east, south, and west of the subject property were, in 1970, residential or vacant. The property's proximity to commercial sites and traffic flow was favorable to its absorption as commercial or high density residential use. Two regional shopping centers served the area, the Westland center on West Colfax Avenue west of Kipling Street, about 2 miles northwest of the Estate and the Villa Italia center, which occupies the southeast...