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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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Last modified: May 25, 2011