Phillip Moreno - Page 3

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          paid the purchase price by presenting a check in the amount of              
          $58,400, using $10,000 that he had previously given to an escrow            
          company as an earnest money deposit and financing the balance               
          through Long Beach Bank by way of a deed of trust on which he was           
          solely liable.  Rueben Moreno was listed on the deed as the sole            
          owner of the Tamarac Property.                                              
               On July 14, 1994, Rueben Moreno transferred the Tamarac                
          Property to himself and his wife Teresa Moreno as joint tenants.            
          Four months later, Rueben and Teresa Moreno transferred the                 
          Tamarac Property to themselves and petitioner as joint tenants.             
          On November 8, 1995, petitioner reconveyed his interest in the              
          Tamarac Property to Rueben and Teresa Moreno as joint tenants.              
               Petitioner and Rueben and Teresa Moreno resided at the                 
          Tamarac Property during all relevant times.  Petitioner did not             
          deduct the mortgage interest paid on the Tamarac Property on his            
          1993, 1994, or 1995 Federal income tax return.  Rueben Moreno               
               Respondent determined that petitioner failed to replace the            
          Goleta Property within the replacement period, and that,                    
          accordingly, petitioner's 1992 gross income included his $114,449           
          gain on the property's sale.  Petitioner petitioned the Court on            
          June 3, 1996, to redetermine respondent's determination.                    
          Petitioner alleged in his petition that he met the requirements             
          under section 1034 which would defer his gain.  Petitioner                  
          further alleged that Rueben Moreno's name was used on the                   

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