-12-
principal ($33,366.58) and to the interest ($2,818.53) on the
29 Hastings loan.
Petitioners realized gain from the above exchange
transactions in an amount equal to the following:
Fair market value of property received $540,000.00
Cash received 36,335.11
Indebtedness on property surrendered 279,987.00
Total consideration received 856,322.11
Basis of properties surrendered
Detroit $132,840
8th Street 219,234
352,074
Less depreciation
Detroit $ 14,073
8th Street 13,753 (27,826) (324,248.00)
Indebtedness on property received (356,024.77)
Gain realized $176,049.34
Unemployment Compensation
Until February 27, 1988, petitioner was employed full time
as an engineer for Analog. For the remainder of the year,
petitioner received checks for unemployment compensation.
Petitioner received a total of $5,934 in unemployment
compensation from the State of California during 1988.
Petitioners reported $1,328 of unemployment compensation on their
1988 tax return.
Petitioners' Bank Accounts
During all or part of the years in issue, petitioners
maintained the following banking and brokerage accounts:
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