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613 Lee, Lawton: Mr. McKelvey purchased this property
from an estate. He tore down a house that was on the
property and built a building which he leased to a business
that operated a bar. On January 1, 1977, Mr. McKelvey
contributed the property to petitioner. On July 29, 1983,
petitioner sold the property to Mr. Billy Caldwell,
Mr. McKelvey's and petitioner's accountant. Petitioner
did not engage a real estate agent in connection with
the sale. Petitioner financed the sale by taking
Mr. Caldwell's promissory note for part of the purchase
price.
509 Lee, Lawton: Mr. McKelvey purchased this
property and tore down a house that was on it. He built
a commercial building on the property which he leased for
$350 per month to an individual, Mr. Mike Harrison, for
use as an alignment shop. On January 1, 1977, Mr. McKelvey
contributed the property to petitioner. When petitioner
proposed to increase the tenant's rent to $500 per month,
Mr. Harrison agreed to purchase the property. Petitioner
did not engage a real estate agent in connection with the
sale to Mr. Harrison.
602-616 Lee, Lawton: These properties compose a strip
shopping center. Initially, Mr. McKelvey purchased two
lots and built a store for his business. He then added
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Last modified: May 25, 2011