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Petitioner and her husband jointly ran Hancock Enterprises.
Petitioner designed houses, developed floor plans, worked with
subcontractors to compute sale prices, ran the sales office, sold
houses, supervised assistants, created sales brochures, met with
accountants at Toback & Co. to discuss financing, engaged in
public relations, and handled customer complaints. Hancock
handled the acquisition of property and obtained acquisition and
development loans. After Hancock obtained the initial loans,
petitioner met with the banks and arranged for construction and
operating loans.
Hancock Enterprises built five to seven model homes in each
of its subdivisions and had salespeople in the model homes. It
sold the model homes when it no longer needed them. Hancock
Enterprises built all the homes except the model homes for
specific buyers.
Hancock Enterprises developed the Summer Shadows and Camelot
Village subdivisions in 1976 or 1977, the Playa Del Sur
subdivision in 1977, and the Estate La Colina, Estate Los
Arboles, and Paradise Village North subdivisions in 1978. In
1977 and 1978, Hancock Enterprises was offering lots for sale in
at least five subdivisions.
Until the 1980's, Hancock Enterprises sold all of the model
homes after it completed a subdivision. Beginning in the 1980's,
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Last modified: May 25, 2011