Terry D. Smith - Page 2

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          failed to establish that he identified replacement property                 
          within 45 days after he transferred the relinquished properties.            
             Unless otherwise indicated, section references are to the                
          Internal Revenue Code as in effect for the year in issue.  Rule             
          references are to the Tax Court Rules of Practice and Procedure.            
                                  FINDINGS OF FACT                                    
             Some of the facts have been stipulated and are so found.                 
          A. Petitioner                                                               
             Petitioner lived in Charlotte, North Carolina, when he filed             
          the petition in this case.  Petitioner has been a practicing                
          certified public accountant since 1969.  Among his clients are a            
          large number of individuals and small to medium-sized businesses.           
             In 1989, petitioner and David E. Parrish (Parrish) owned                 
          properties at 4938 Monroe Road, Charlotte, North Carolina (the              
          Monroe Road property), and at 1900 East Seventh Street,                     
          Charlotte, North Carolina (the Seventh Street property).                    
          B. Petitioner's Sale of the Properties                                      
             1.     The Monroe Road Property                                          
             In December 1989, petitioner contracted to sell his interest             
          in the Monroe Road property to Mr. and Mrs. Thomas Hauch and Mr.            
          and Mrs. Everett Wohlbruck (the Hauchs and the Wohlbrucks).                 
          Petitioner sent a letter dated December 15, 1989, to the Hauchs'            
          and Wohlbrucks' attorney, Charles O. Dubose (Dubose).  Dubose was           
          an attorney at the law firm of Kennedy, Covington, Lobdell, &               
          Hickman (KCLH).  The letter included the following statement:               




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