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The parties submitted Joint Exhibit 4-D, Schedule of Assets
Received Upon Marital Dissolution (Schedule of Assets), which
refers to a commercial property in Liberty Lake valued at
$247,000. The Schedule of Assets only refers to one property in
Liberty Lake. The Separation Agreement, however, refers to two
properties in Liberty Lake. A condominium is described in
section 7, paragraph 18 of the Separation Agreement, and
commercial real estate abutting Liberty Lake Road is found in
section 7, paragraph 20.
For reasons unknown, a condominium in Liberty Lake is not
listed on the Schedule of Assets. Petitioner testified, however,
that the only noninvestment property he received outside of the
personal property was the condominium in Maui and the house on
the lake in Idaho. Everything else, petitioner claims, is
commercial investment property. His testimony is supported by
the Schedule of Assets, which categorizes the Liberty Lake
property valued at $247,000 as commercial property.
Respondent's argument that the Liberty Lake property valued
at $247,000 is a noninvestment property is unsupported by the
record. We do not know the nature of the condominium in Liberty
Lake, but its character does not affect our finding that the
commercial property in Liberty Lake valued at $247,000 is
includable in petitioner's acquisition of investment property
from Linda Armacost.
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Last modified: May 25, 2011