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return identifying that the Hoboken property had been replaced,
nor did they file an amended 1985 return reporting the gain.
Petitioner conceded that the Hoboken property was not properly
replaced pursuant to section 1033.
2. 1986 Condemnation
Mr. Acquaviva and Mr. DiMisa formed the Holmdel Golf &
Country Club partnership (HGCC) in 1984 to develop land located
in Monmouth County, New Jersey, into an exclusive residential
community of luxury homes with an adjacent golf course and
country club. Mr. Acquaviva and Mr. DiMisa each owned a 50-
percent interest in HGCC.
Mr. Acquaviva purchased two tracts of farm land located in
Monmouth County and contributed them to HGCC in 1984.
Petitioner's signature appears on various documents of title,
mortgages, and closing statements related to this transaction.5
HGCC acquired additional land in Monmouth County in January and
October 1985.
4(...continued)
their 1985 income tax return thus constituted an election to
defer the recognition of the gain under sec. 1033. See Cerny v.
Commissioner, T.C. Memo. 1987-599.
5 It was necessary for petitioner to attend occasional
real estate closings and personally sign various documents.
Petitioner's signature was required along with her husband's as a
guarantor and/or to release or convey any marital interest she
may have had in the property being conveyed in connection with
her husband's real estate development activity.
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