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purchase several different properties, entered into purchase
agreements, and had Clack Bros. make earnest money deposits using
the sales proceeds from the Antioch property. However,
petitioners did not acquire any of these properties. After the
identification period had expired, petitioners continued to
search for possible replacement properties and continued to make
unsuccessful offers as late as December 1989. In January 1990,
petitioners made offers to purchase two parcels of real property:
2001 Contra Costa Boulevard, Pleasant Hill, California, (Pleasant
Hill) and 1032 Skyland Drive, Zephyr Cove, Nevada (Skyland).
Petitioners acquired these properties in February 1990 using the
sales proceeds from the Antioch property.
Petitioners purchased the Pleasant Hill property from a
partnership in which Daniel Fivey was a general partner. The
partnership began construction of a retail shopping center on the
property in mid-1989 and completed construction in February 1990.
The Pleasant Hill property had not been listed for sale with any
real estate brokers. Petitioner husband had previously discussed
another possible replacement property with Mr. Fivey in mid-1989.
During the course of the discussions, Mr. Fivey mentioned the
Pleasant Hill property, which was still under construction and
not available for sale. Petitioner husband did not ask Mr. Fivey
for a tour of the property or for any information about the
property. Petitioners did not express any interest in purchasing
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