-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