Terry D. Smith - Page 9

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          v. Commissioner, 412 F.2d 800, 801 (3d Cir. 1969), affg. per                
          curiam T.C. Memo. 1968-126; Estate of Hall v. Commissioner, 92              
          T.C. 312, 337-338 (1989); Lare v. Commissioner, 62 T.C. 739, 750            
          (1974) ("Statements made in a tax return signed by a taxpayer may           
          be treated as admissions."), affd. without published opinion 521            
          F.2d 1399 (3d Cir. 1975); Rankin v. Commissioner, T.C. Memo.                
          1996-350; Sirrine Bldg. No. 1 v. Commissioner, T.C. Memo. 1995-             
          185 ("As statements of a party opponent, the returns are                    
          admissions under rule 801(d)(2) of the Federal Rules of                     
          Evidence."); Estate of Ford v. Commissioner, T.C. Memo. 1993-580,           
          affd. 53 F.3d 924 (8th Cir. 1995); Mooneyham v. Commissioner,               
          T.C. Memo. 1991-178; Estate of McGill v. Commissioner, T.C. Memo.           
          1984-292; Estate of Kreis v. Commissioner, T.C. Memo. 1954-139,             
          affd. 227 F.2d 753 (6th Cir. 1955); see United States v. Dinnel,            
          428 F. Supp. 205, 208 (D. Ariz. 1977) ("Statements made in an               
          income tax return constitute admissions."), affd. without                   
          published opinion 568 F.2d 779 (9th Cir. 1978); Kaltreider v.               
          Commissioner, 28 T.C. 121 (1957), affd. 255 F.2d 833 (3d Cir.               
          1958).  There is no cogent or persuasive evidence that petitioner           
          identified the replacement property before April 1, 1990.  When             
          petitioner saw the East Boulevard property on February 27, 1990,            
          he liked the location, but he thought the price was too high, he            
          had specific requirements for financing terms, he knew he would             
          need to make (and arrange financing for) extensive renovations,             






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