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On August 14, 1988, petitioners executed a purchase contract
and escrow instructions for the purchase of 25 Hastings. On
escrow instructions and loan applications relating to their
purchase of 25 Hastings, petitioners represented that their
residence was Apricot. On at least two occasions, petitioner
misrepresented his monthly income on residential loan
applications.
On August 23, 1988, petitioners hired Donna Nichols
(Nichols), a real estate agent, to sell 14 Siros. Nichols lived
at 16 Siros. On September 4, 1988, 14 Siros was sold for
$385,000.
In September 1988, petitioners entered into an agreement to
sell Apricot to Hector David Cordova for $137,000. The sale was
completed on November 9, 1988. At the time of the sale,
petitioners' adjusted basis in Apricot was $126,543.
Escrow closed on the purchase of 25 Hastings on November 1,
1988. Petitioners occupied 25 Hastings as their principal
residence from November 1988 at least through the time of trial
of this case in 1996.
At the time that they contracted to purchase 14 Siros,
petitioners intended to occupy it as their principal residence.
At the time that they contracted to purchase 25 Hastings,
however, petitioners abandoned their intention to occupy
14 Siros. Petitioners never occupied 14 Siros as their principal
place of residence.
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