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6. Abandonment of Land Development Costs

12 Months Ended

Oct. 31, 2011

6. Abandonment of Land Development Costs:

6. ABANDONMENT OF LAND DEVELOPMENT COSTS:

In Fiscal 2009, two capital projects previously under development were abandoned as the Companies determined that these investments in the projects were not expected to be recoverable due to environmental regulation changes. The major expenditures abandoned included permits, surveys, architectural and legal fees and capitalized costs including labor, interest and property taxes.

The following is a summary of the planned residential developments (PRD) that were abandoned:

	Total Investment at 10/31/09	Abandonment	Net Investment After Abandonment
Jack Frost Mountain PRD	$1,753,115	$1,528,083	$225,032
Big Boulder Slopeside PRD	158,126	158,126	0
Totals	$1,911,241	$1,686,209	$225,032

- Definition

Tabular description of each long-lived asset to be abandoned and the related circumstances, including the carrying value of the asset and the manner and expected timing of disposition.

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