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property values is not the end of our analysis. Based on the
record, we are able to classify each property as either
investment property or noninvestment property.
Petitioner received personal property, a condominium in
Maui, and a lake house in Idaho. He also assumed the outstanding
debt on the family home. Petitioner testified that these assets
are noninvestment properties, and the record supports such a
finding.
The evidence also shows that petitioner's stock, partnership
interests and royalty rights, IRA, pension and profit plan and
commercial real estate are investment property.2
Linda Armacost received the family home, cash, and personal
property, which we find is noninvestment property. For her share
of investment property, Linda Armacost kept the McDonald's
property, two land sale contracts, her interest in investment
stocks and partnership interests, and one-half of their pension
and profit sharing plan. The character of these assets is
reflected in the record, and the parties do not dispute such a
designation.
There is some dispute, however, as to the ranch located in
Adams County, Idaho, and a condominium unit located in Liberty
Lake, Washington. Respondent contends that the ranch land
2The value of petitioner's investment property is reduced by
his liability on the bank note on Linda Armacost's McDonald's
property.
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Last modified: May 25, 2011