Phillip Moreno - Page 2

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          the sale of his personal residence.  We hold it does.  Unless               
          otherwise indicated, section references are to the Internal                 
          Revenue Code in effect for the relevant year.  Rule references              
          are to the Tax Court Rules of Practice and Procedure.  Dollar               
          amounts have been rounded to the nearest dollar.                            
               All of the facts have been stipulated and are so found.                
          These facts and the exhibits submitted therewith are incorporated           
          herein by this reference.  Petitioner resided in Mission Viejo,             
          California, when he petitioned the Court.  He filed a 1992 Form             
          1040, U.S. Individual Income Tax Return, using the filing status            
          of "Single".  He reported on that return that his 1992 gross                
          income was $10,009, and that his 1992 taxable income was zero.              
               On October 20, 1992, petitioner sold his residence located             
          at 168 Salisbury Avenue, Goleta, California (Goleta Property),              
          for $195,000.  He received net proceeds of $85,113 at the                   
          closing, and he realized a $114,449 gain on the sale.  He                   
          reported his gain on a 1992 Form 2119, Sale of Your Home.  This             
          form stated that petitioner had not yet purchased a replacement             
          property, but that petitioner intended to do so within the                  
          replacement period.                                                         
               On November 2, 1992, petitioner presented his son Rueben               
          Moreno with a check for $82,113.  Twenty-nine days later, Rueben            
          Moreno purchased property located at 28 Tamarac Place, Mission              
          Viejo, California (Tamarac Property), for $157,000. Rueben Moreno           

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