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26, 1990, as required by section 1031(a)(3)(A), three of the four
properties that it ultimately acquired with a portion of the
escrow fund (i.e., Mr. Canty's residence, the Vero Beach prop-
erty, and the Quail Ridge property) as properties to be received
by OIP, along with the Brentwood property, in exchange for lots
11 and 12 and OIP's 25-percent interests in lots 14 and 15. As
for the Brentwood property, OIP acquired that property on July
27, 1990, the day after the sales of the real estate interests in
question were effected. We conclude that that property was
timely identified as required by section 1031(a)(3)(A).
To support their position that OIP complied with section
1031(a)(3)(A), petitioners rely on (1) Mr. Canty's testimony
that, prior to July 26, 1990, the date on which OIP sold the real
estate interests in question and on which the escrow agreement
was entered into, he notified Mr. Kaplan, the president of Xway
who did not testify at the trial in this case, of the identity of
all of the properties that OIP ultimately acquired with a portion
of the escrow fund and (2) the parties' stipulation that Mr.
Kaplan believes that at approximately the time of the sales by
OIP of lots 11 and 12 and OIP's 25-percent interests in lots 14
and 15, and probably within 45 days thereafter, Mr. Canty made
Mr. Kaplan generally aware of properties that Mr. Canty was
interested in purchasing, including the properties in Vero Beach,
Florida, and Texas that were ultimately purchased with a portion
of the escrow fund.
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