Margaret Hancock - Page 9

               Petitioner sold three of these lots to Trevor Hancock (one              
          lot per year in 1994, 1995, and 1996) for a total of $160,000.               
          Petitioner and Hancock Enterprises' investment in these three                
          lots was $35,882, but petitioner had a basis in the three lots               
          totaling $235,000.                                                           
               Petitioner used the sale proceeds from the lots to repay                
          loans she and her husband used to obtain the lots, repay herself             
          the $800,000 that Hancock Enterprises owed her, and pay land                 
          taxes associated with the lots.                                              
               In 1986 and 1990, petitioner bought five lots and sold them             
          soon after she had acquired them.  She bought one lot in 1986 and            
          sold it in 1987.  She bought four lots in 1990; she sold one of              
          those in 1990, two in 1991, and one in 1992.  In 1996, she owned             
          only one lot.                                                                
          E.   Other Hancock Real Estate Ventures                                      
               1.   The Mark Hancock Corp.                                             
               Mark Hancock began to operate his own real estate business              
          in 1973.  He started building houses in 1977 or 1978.  He                    
          operated the Mark Hancock Real Estate Development Corp. (Mark                
          Hancock Corp.) from the 1980's through the years in issue.  After            
          1986 and through the years in issue, the Mark Hancock Corp. used             
          the trade name "Camelot Homes".  The Camelot Homes operated by               
          the Mark Hancock Corp. represents to the public that it is the               
          second generation of the Camelot Homes operated by petitioner and            

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011