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FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulation of facts is incorporated herein by this
reference. Petitioners John F. and Sarah R. Daugharty and
petitioner Faye E. Daugharty all resided in Jacksonville Beach,
Florida, when they filed their petitions in these cases.1
Background
John and Faye were married on March 20, 1958, in Atlanta,
Georgia. During their marriage, which lasted over 22 years, John
and Faye had three children, one of whom was a minor when the
marriage dissolved in 1981.
Following his graduation from the University of Georgia in
1958 with a degree in business administration, John was employed
in credit and financial related capacities and eventually became
manager of General Electric Credit Co.'s finance department,
where he served until his retirement.
In or around 1965, John and Faye relocated to Jacksonville,
Florida. On August 13, 1970, John entered into a contract to
purchase the Landon Imperial Apartments for $155,000. Landon
Imperial Apartments is an 80-unit apartment complex located in
Duval County, Florida. The contract provided that the seller
1Petitioner Sarah R. Daugharty is a party to these
proceedings solely as a consequence of having filed joint returns
with petitioner John F. Daugharty.
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Last modified: May 25, 2011