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1120, U.S. Corporation Income Tax Return, based on a taxable year
ended on July 31.
In or around 1987, Mr. Spera and GRC entered into a lease
agreement. In 1990, petitioners ascertained that they had lost
their copy of the original lease and that Larry Gardner (Mr.
Gardner), the attorney who prepared the original lease, had also
lost his copy. Petitioners asked Mr. Gardner to prepare a
replacement lease that embodied the terms of the original lease,
and he did. Under the replacement lease, dated June 11, 1990,
petitioners leased approximately 1.28 acres of the Ashland
property to GRC from September 1, 1987, to August 31, 2037, for
an annual rent of $1,200 payable in equal monthly installments.
GRC is obligated to pay, as additional rent, "all sums required
for Town Taxes, School Taxes, land scaping [sic], building
maintenance and snow removal." Under the terms of the lease, GRC
is given an option to renew the lease upon the same terms as set
forth therein for an additional term of 50 years, and an option
to purchase the property at a price to be agreed upon. The
replacement lease also provided that GRC "shall be allowed to
construct a two story building with basement upon the subject
premises". The building's purpose is not identified in the
replacement lease. Petitioners signed the agreement as the
lessors, and Lori Romandi (Ms. Romandi), an employee of GRC,
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