Can you imagine a heartwarming boondockery? Neither can I, but this one comes close.

Vivian D. (“Golden”) Hoard, Esq., aided by a thoroughly competent panel of petitioners’ experts and a client whose loyalty is exemplary in a business not known for excessive decency, salvages a CA boondockery, knocking out all the chops and saving better than half the deduction, in Malibu Valley Land, LLC, Spectrum Development, Inc., Tax Matters Partner, T. C. Memo. 2026-68, filed 8/17/26.

Judger Travis A. (“Tag”) Greaves walks us through a discounted cash flow development deal in the Santa Monica Mountains, LA’s retreat for the rich and famous. This is a 40-year old VTTM, a vesting tentative tract map deal that locked in old-time zoning and development until the CA State government ousted the locals.

Our hero is Brian, who fights to keep his Dad’s dream alive, paying off his Dad’s debts and his own, eschewing bankruptcy court and all the other dodges developers and investors pull. His horseback-riding buddies also play fair. IRS’ appraisal team are less than spectacular. Judge Tag Greaves stays with the story, writes a template for pricing out a development deal, and sends the parties off to a Rule 155 beancount. Brian’s trusty CPA and his trusty attorney also come through.

Even though the Rule 155 beancount hasn’t happened, Judge Tag Greaves absolves Briasn and friends of the 40% substantial overvaluation misstatement based on his calculations, T. C. Memo. 2026-68, at p. 89.

To the Golden Hoard, a Taishoff “Good job,” all around.