Richard Bruce Begelfer - Page 3

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            period, petitioner attempted to purchase a new principal                                    
            residence.  However, because he did not have an established                                 
            commission sales record, petitioner could not secure a mortgage.                            
            Petitioner was dismissed from his sales agent position in March                             
            1988, after his employer discovered he was interviewing for                                 
            salaried employment.  As petitioner continued this employment                               
            search, he accepted part-time work assignments, which sometimes                             
            required physical labor.  During one of these assignments,                                  
            petitioner sustained serious injuries to his back, neck, and                                
            ankle, which left him unable to work for several months.                                    
                  In February of 1989, petitioner found full-time employment                            
            and immediately sought to purchase a new residence.  After an                               
            unsuccessful attempt at acquiring a home, petitioner finally                                
            succeeded in purchasing a residence on July 21, 1989, in Long                               
            Beach, New York.  Because of his injuries, petitioner has since                             
            relocated to Austin, Texas, but he continues to own the New York                            
            residence.                                                                                  
                  Petitioner contends that because of the recent physical and                           
            financial hardships he has endured, as well as his good faith                               
            effort to purchase another principal residence, the replacement                             
            period provided by section 1034 should be waived.  Respondent                               
            argues simply that because petitioner did not purchase and use a                            
            replacement residence within the statutory period, he is not                                
            entitled to the benefits of section 1034(a).  As unfortunate as                             






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