Donald DeCleene and Doris DeCleene - Page 4

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               In 1992, petitioner was looking for land to which he could             
          move his business.                                                          
               On September 30, 1992, petitioner purchased 8.47 acres of              
          unimproved real property on Lawrence Drive in De Pere, Wisconsin            
          (the Lawrence Drive property), a suburb of Green Bay.  Petitioner           
          described the Lawrence Drive property as a “very good spot” that            
          he “took advantage of”.  Petitioner promptly sold 2.09 acres of             
          the Lawrence Drive property to an unrelated corporation.                    
          Petitioner’s adjusted basis of the Lawrence Drive property that             
          he purchased and retained, with allocated fees and other closing            
          costs, was $137,027.                                                        
               Petitioner partially financed the purchase of the Lawrence             
          Drive property with a $100,000 loan from Bank One, Green Bay.               
          Bank One, Green Bay received petitioner’s note and a mortgage on            
          the Lawrence Drive property as security for its loan.                       
               By 1993, petitioner was ready to move his business to a new            
          building to be constructed on the Lawrence Drive property.                  
               After petitioner acquired the Lawrence Drive property, The             
          Western Lime and Cement Co. (WLC) expressed interest in acquiring           
          petitioner's McDonald Street property.                                      
               Petitioner discussed WLC's interest in the McDonald Street             
          property with his accountant.  The accountant suggested that                
          petitioner could structure a like-kind exchange in which he would           
          quitclaim the Lawrence Drive property to WLC, after which WLC               

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