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IN THE SUPERIOR COURT OF THE STATE OF DELAWARE IN AND FOR NEW CASTLE COUNTY THE ISLAND FARM, INC., a Delaware Corporation, Plaintiff, v. MASTER SIDLOW & ASSOCIATES, P.A., a Delaware Professional Corporation Defendant. ) ) ) ) ) ) ) ) ) ) ) ) )

C.A. No. 06C-03-206 PLA

ON DEFENDANT'S MOTION FOR SUMMARY JUDGMENT DENIED Submitted: August 6, 2007 Decided: September 20, 2007 This 20th day of September, 2007, upon consideration of the Motion for Summary Judgment filed by Defendant Master Sidlow & Associates, P.A. ("Master Sidlow"), it appears to the Court that: 1. In 1998, The Island Farm, Inc. ("Island Farm") sold a

Preservation Easement on approximately 1,073 acres of land in Delaware to the Delaware Agricultural Lands Preservation Foundation ("DALPF"). The sale closed on July 28, 1998. On the Settlement Statement, the "Contract

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Sale Price" was $1,717,366.28.

Deducted from that amount was

$686,946.51 which represented a "donation." 1 2. Return. Master Sidlow prepared Island Farm's 1998 Federal Tax On the Tax Return, Master Sidlow reported the "donation" to The Tax Return also

DALPF correctly in the amount of $686,949.51.

reported the "sale price" of $1,717,366.28 as the amount received by Island Farm for the sale. In reality, however, Island Farm only received

$1,030,400.80 from DALPF, which was the amount reflected on the Settlement Statement. 2 3. I.R.S. Reg.

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Delaware Law