8
corporation as investment property or for use by the corporation
in connection with its trade or business. The Coggeshall
property on Deere Road is of like-kind with that of the Phoenix
property. Respondent does not contend that the items detailed in
the stipulation with respect to the Deere Road asphalt site in
the Coggeshall property should not be considered real property,
and has conceded on brief that such items are to be considered
real estate.
On March 30, 1992, however, the Coggeshall Co. determined
that the Coggeshall Co. could not transfer the plant equipment on
the Collins site by reason of a landlord's lien asserted by J. W.
Collins; such equipment located on the Collins' property, as
stipulated by the parties, was accordingly eliminated from the
contract, and the purchase price of the Coggeshall property was
accordingly reduced from $577,370 to $510,007.
On January 30, 1992, apparently independently of the
Coggeshall purchase, the corporation and Marcellene J. Inness
entered into a contract for the sale to it of certain property
for $46,361. The transaction closed the same day, on January 30,
1992, with the payment of this sum to the direction of Marcellene
J. Inness from the "escrow" account at the Citizens National Bank
of Macomb, taken from the funds entrusted to it by the
corporation, to be disbursed at its direction, and the Inness
warranty deed to the corporation was recorded. The warranty deed
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