Donald DeCleene and Doris DeCleene - Page 23

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          construction was financed by petitioner through the bank he was             
          accustomed to dealing with.  Petitioner through his guaranty and            
          reacquisition obligation was at all times at risk with respect to           
          the Lawrence Drive property.  WLC had no risk or exposure with              
          respect to the additional outlay of funds required to finance               
          construction of the building.  WLC had no potential for or                  
          exposure to any economic gain or loss on its acquisition and                
          disposition of title to the Lawrence Drive property.                        
               The reality of the subject transactions as we see them is a            
          taxable sale of the McDonald Street property to WLC.                        
          Petitioner’s purchase in 1992 of the Lawrence Drive property, on            
          which he intended to build a new facility for his business as the           
          replacement for his McDonald Street property, put him in the                
          position of arranging to improve the Lawrence Drive property, as            
          well as to sell the McDonald Street property.  Petitioner’s prior           
          quitclaim transfer to WLC of title to the unimproved Lawrence               
          Drive property, which petitioners try to persuade us was                    
          petitioner’s taxable sale, amounted to nothing more than a                  
          parking transaction by petitioner with WLC, which contractually             
          bound itself to acquire from petitioner the McDonald Street                 
          property that petitioner was going to relinquish permanently, as            
          well as to reconvey to petitioner the Lawrence Drive property as            

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