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unimproved land in Escondido, California, from Balmac (which had
purchased the property in the early 1970's). In connection with
petitioner's purchase of the land, petitioner gave Balmac a note
which was secured by a trust deed on the property. The 106 acres
so acquired by petitioner included the Escondido property. In
1979, title to the Escondido property was transferred to WTC, as
nominee for petitioner, and held for petitioner's benefit under
the terms of Holding Agreement No. 1037 (Holding Agreement).
Petitioner used the name "Don McLane"2 in the Holding Agreement and
was identified as owner of the Escondido property. Petitioner paid
property taxes and other costs associated with the Escondido
property.
The Escondido property was zoned for industrial use. In order
to commercially develop and sell the Escondido property, it had to
be mapped and subdivided into smaller parcels. As developed, the
Escondido property was known as Wine Ridge Industrial Park.
Sale to Balmac
On November 8, 1984, Balmac and petitioner executed a "Real
Estate Purchase Contract and Receipt for Deposit" (the purchase
agreement), providing for the purchase of the Escondido property by
Balmac from petitioner for $7 million. Byron P. Halling (Halling),
2 Petitioner was raised by his aunt and uncle, whose
surname was McLane. Petitioner used his birth surname of
Ballantyne until age 12. He then used his aunt and uncle's
surname for approximately 40 years (until the early 1980's) when
at the urging of his wife and children he resumed using his birth
surname.
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