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This is to confirm our conversation today regarding Monroe
property as a tax free exchange for my one-half interest
in the property. Although I have not yet identified the
replacement property, I do intend to perfect an exchange.
Petitioner transferred his one-half interest in the Monroe
Road property to the Hauchs and Wohlbrucks on February 5, 1990.
The contract of sale did not specify any replacement property.
KCLH sent an internal memo to Randall W. Lee at KCLH's
Southpark Office, which included the following statement:
With respect to Mr. Smith's one half undivided interest in
the Monroe Road property, he intends to effect a tax free
exchange and, therefore, wants us to hold his portion of
the net proceeds from the sale in escrow pending further
instructions relative to the tax free exchange.
2. The Seventh Street Property
On January 9, 1990, petitioner and Parrish contracted to sell
the Seventh Street property to Donald P. McCurdy (McCurdy).
Paragraph 6(a) of the contract of sale stated as follows:
Sellers intend for this transaction to qualify under the
tax-free exchange provisions of the IRS Code and buyer
agrees to execute any related documents required to do so.
The contract of sale did not identify any replacement
property. Petitioner transferred his interest in the Seventh
Street property to McCurdy on February 14, 1990. Kenneth F.
Essex (Essex) was McCurdy's attorney for the closing of the
Seventh Street property transaction. Essex's law firm was Essex,
Richards, Morris, & Jordan, P.A. Essex was also petitioner's
escrow agent for petitioner's portion of the proceeds from the
sale of the Seventh Street property. The record does not show
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