The Vol. 10, No. 10 Pellucid Perspective October 2019 SUPPLY & DEMAND 2 Some Supply and Demand Ghostbusting By Stuart Lindsay DEATH & TAXES 8 Taxes on Tee-Time Transaction Fees: But Who Pays? By Harvey Silverman COURSE OWNERS VS. HOMEOWNERS 10 Ahwatukee: The Course That Won't Die By Jim Koppenhaver WEATHER IMPACT 12 Put September in the "W" column BY-THE-NUMBERS 14 Recent Utilization gains modest but encouraging MARKET FOCUS 16 Denver has reasons to be high on golf COMINGS & GOINGS 18 Closures and transactions accelerate for Fall www.PellucidCorp.com The Pellucid PersPecTive 1http://www.PellucidcorP.com