-9-
places of employment, who desire to reinvest equal or
greater funds in new residences, as legal owners of
record. * * *
Id. at 388.
Here, Mr. De Ocampo's parents purchased the Montclair property
and obtained a loan to finance the purchase. They (not
petitioners) were the legal owners of record, irrespective of
petitioners' payment of any acquisition or maintenance costs and
use of the property. Petitioners have failed to establish that
Mr. De Ocampo's parents were acting as petitioners' agents in
purchasing the Montclair property. Mr. De Ocampo's parents
acquired the Montclair property in their own names and for their
own account, as they represented in the purchase contract. They
obtained the mortgage using their personal credit, not that of a
disclosed or undisclosed principal. Although we believe Mr. De
Ocampo's parents' purchase of the property was done as a favor to
petitioners, the fact remains that it was the parents who made the
purchase.
The transfer of the Montclair property from Mr. De Ocampo's
parents to petitioners occurred on January 14, 1992. This was more
than 2 years after the sale of petitioners' Curtis property in late
December 1989; accordingly, we need not decide whether such a
transfer constitutes a "purchase" within the meaning of the
statute.
Petitioners did not establish that they satisfied the
requirements of section 1034. While we are sympathetic to
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011