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Pleasant Hill, or otherwise identify Pleasant Hill as replacement
property, at that time or at any time prior to January 1990.
On January 11, 1990, one of petitioners' real estate agents
Kevin Van Voorhis (Mr. Van Voorhis) told petitioner husband that
the Pleasant Hill property was for sale. This was the first time
petitioners had discussed Pleasant Hill with Mr. Van Voorhis, and
petitioner husband did not indicate to Mr. Van Voorhis that he
was familiar with the property. Mr. Van Voorhis informed
petitioner husband that Pleasant Hill could not be part of a
section 1031 exchange for the Antioch property because it was not
identified within the 45-day identification period. On January
26, 1990, petitioners offered to purchase Pleasant Hill for
$3,100,000 and entered into a purchase contract. Petitioners
assigned the purchase contract to Clack Bros., and the purchase
closed on February 15, 1990. The purchase price was paid by
Clack Bros. from the Antioch sales proceeds. Petitioners
negotiated the purchase of Pleasant Hills themselves and paid Mr.
Van Voorhis a finder's fee of $31,000.
Petitioners also looked for residential rental property in
the Lake Tahoe, Nevada, area in 1988 and used Sandra Love (Ms.
Love) as their real estate agent. On October 12, 1989, after the
identification period had expired, petitioners first expressed an
interest in the Skyland property to Ms. Love. They had toured
Skyland that day with another real estate agent but wanted Ms.
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