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FINDINGS OF FACT
Petitioners resided at Monrovia, California, at the time
their petition was filed. Petitioners, from 1989 through early
1999, owned real property located at 3748 Military Avenue, Los
Angeles, California (Military property). The Military property
was first listed for sale on October 1, 1993. Petitioners had
been using the Military property as their personal residence up
to the time they began their attempt to sell the property.
Petitioners began moving their furniture out of the Military
property shortly after the October 1993 listing for sale.
Petitioners moved in with Mr. Palos’ mother at some time prior to
the January 17, 1994, earthquake, and, subsequent to the
earthquake, moved into a newly purchased residence other than the
Military property.
During 1993, petitioners commenced making improvements and
repairs to the Military property in order to enhance its
appearance and value for purposes of sale. The Northridge
Earthquake occurred on January 17, 1994, and caused damage to
petitioners’ Military property. After the earthquake,
petitioners continued to make improvements to the Military
property and also began to repair the damage caused by the
earthquake. The improvements, as opposed to repairs from
earthquake damage, appear to represent the significantly greater
portion of more than $60,000 in expenditures involving the
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