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details and contingencies relating to the anticipated sale. On
July 5, 1990, the escrow instructions were again amended to change
the identification of the seller to "PETER J. BRESSON, an unmarried
man".
On July 5, 1990, Jaussaud Enterprises executed a grant deed
conveying the Alhambra property to petitioner.1 On the same date
petitioner executed a grant deed conveying the Alhambra property to
Ms. Sung.
On July 25, 1990, Atla Escrow sent petitioner a closing
statement with regard to the sale of the Alhambra property,
together with a check in the amount of $266,680.44, representing
the net proceeds due the seller. Petitioner kept the $266,680.44.
The closing statement indicated that $38,900 had been
transferred by wire to "Western Pacific Escrow #16848".2 The
balance of the consideration paid by Ms. Sung was disbursed for a
realtor's commission, taxes, escrow fees, and other expenses
related to the sale of the Alhambra property.
1 The deed reported no transfer tax due, and stated:
"This conveyance changes the manner in which title is held,
grantor(s) (Corporation) and Grantee(s) remain the same and
continue to hold the same proportionate interest, R & T 11911."
Pursuant to California law, no transfer tax is due
where the consideration exchanged is $100 or less. Cal. Rev. &
Tax. Code sec. 11911 (West 1994).
2 The record is void of any explanation for the wire
transfer or the purpose of the Western Pacific escrow account.
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