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Realty be adjusted. Petitioner would be the owner of all the
interests held by the Estate of Milton Gordon and all interests
distributed by Gordon Realty in all of the property except
Blackbob, and Suzanne would be the sole owner of Blackbob. As
part thereof, she was to pay petitioner the sum of $1,386,002.30.
In July 1988, petitioner, Suzanne, and Elaine entered into
an "Exchange Agreement", under which they would transfer Blackbob
and other properties. This agreement provided:
At closing each of the parties shall deliver their
respective deeds, conveyances or releases and any funds
payable hereunder to Company [title company] with
instructions to record the documents in accordance with the
terms and provisions above set forth at such time as Company
is in position to record same and has funds available to it
for distribution to those parties entitled to payment
hereunder, it being understood that the payment to Third
Party [Elaine] shall be made out of the funds payable
hereunder by Second Party [Suzanne] to First Party
[Marshall], and that such payment shall be deemed as a
payment made by First Party to Third Party.
The property exchange took place on September 7, 1988.
Elaine executed a quitclaim deed transferring her interest in the
Blackbob property to petitioner. The deed was entered into the
transfer record on September 8, 1988. Petitioner's children
delivered their deeds to their interests in Blackbob to
petitioner. Petitioner conveyed by deed to Suzanne his interest
in Blackbob, the interest formerly allocated to Elaine, and the
interests held by his children. Suzanne delivered $1,386,002.30
to the title company. The title company disbursed $800,000 as
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