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properties.
On February 17, 1993, petitioners sold their 99th Street
property for $135,000. On February 19, 1993, they sold the West
Center Street property for $136,000.
On April 2, 1993, petitioners identified the following three
potential replacement properties: (1) A 100- by 300-foot parcel in
Franklin, Tennessee; (2) 2902 Campbellsville Pike, Columbia,
Tennessee (Campbellsville Pike property); and (3) 2711 Murfreesboro
Road, Antioch, Tennessee (Murfreesboro Road property).
Petitioners immediately began negotiations to acquire the 100-
by 300-foot parcel in Franklin, Tennessee, but these negotiations
ended without an agreement. Then, petitioners attempted to acquire
the Campbellsville Pike property. An agreement to purchase that
property was reached, but on August 16, 1993, the sellers of the
property canceled the sale.
On December 23, 1993, petitioners purchased the Murfreesboro
Road property for $321,750. The acquisition of the property was
more than 180 days from the respective dates the 99th Street and
West Center Street properties were sold.
Federal Income Tax Returns
On Forms 8824, Like-Kind Exchanges, attached to their 1993
Federal income tax and amended returns, petitioners elected to
defer the gain realized on the sale of their two residential rental
properties.
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Last modified: May 25, 2011