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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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