- 5 -
received by petitioner and Ms. St. Laurent at the closing.
Petitioner delivered his check to the escrow agent on November 4,
1988, and it was deposited in an escrow account that was opened
for the benefit of petitioner on November 14, 1988. A bank
officer assisted petitioner in establishing the escrow account,
and thereafter, the officer’s function was as a signatory on the
account. The officer was not an agent of petitioner.
Petitioner continued to search for suitable exchange
properties subsequent to the closing on RPDS, viewing 40 to 50
properties. The Labbes did not search for the properties, and
petitioner did not discuss with them the properties he was
considering. Petitioner was advised to furnish a list of
replacement properties to the escrow agent because it was
required under the law governing like-kind exchanges. Pursuant
to that advice, petitioner sent a letter dated December 16, 1988,
to the escrow agent in which he listed 20 properties that were
identified pursuant to section 1031 as like-kind property to be
received in exchange for his interest in RPDS. The letter was
received by the escrow agent on or before December 19, 1988. The
properties designated included Hillview Estates (Hillview), a 40-
unit trailer park in Turner, Maine, and a lot on Sheffield Street
in Lewiston, Maine (Sheffield lot).
Petitioner subsequently negotiated for the purchase of
Hillview, and, on January 30, 1989, petitioner signed an
agreement to buy Hillview. The Labbes were not parties to the
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
Last modified: May 25, 2011