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Solomons Properties Partnership
On October 24, 1985, petitioner, Richard H. Fischer, Jr.
(Fischer), and Delta Financial Corporation, Inc. (Delta), entered
into a written partnership agreement for the purpose of
acquiring, developing, and reselling real property known as
Oyster Bay, located in Lusby, Maryland. Petitioner was
responsible for obtaining the necessary permits and overseeing
the construction. Delta was responsible for securing financing
for the acquisition and cost of developing the property. Fischer
was responsible for overseeing the acquisition of the land.
Under the terms of the Solomons Properties (Solomons)
partnership agreement, petitioner, Fischer, and Delta agreed that
the written partnership agreement was intended to set forth all
promises, agreements, conditions, and understandings among them.
Each partner owned a one-third interest in Solomons.
Determinations of each partner's share of income, gain, loss,
credit, or allowance were to be made in accordance with the
agreement. The partners agreed that legal title to partnership
property would be held in the name of Solomons or in such other
name or manner that would be in the best interest of the
partnership. The manner of holding title to partnership property
was for the convenience of the partnership, and all such property
would be treated as partnership property.
In late 1985, Solomons purchased property in Calvert County,
Maryland. The property included a house (the Solomons house) and
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