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realized from the condemnation sale by buying replacement
property under section 1033.
C. Properties That Petitioners Contend or That Respondent
Concedes Are Replacement Properties
1. Properties That Respondent Concedes Are Replacement
Properties
Petitioner bought real property on Jones Maltsberger Road
(Jones Maltsberger Road property) in San Antonio on September 26,
1990, and 3.164 acres of land in Bexar County on October 7, 1991.
Respondent concedes that these properties qualify under section
1033 as replacement properties for the Hoefgen Avenue property.
2. The Babcock Road Property
Gary A. Burnett (Burnett) and petitioner each paid a total
of $84,107 to buy 1.329 acres of real property on Babcock Road
(Babcock Road property) in San Antonio. They made those payments
on October 30 and December 2 and 3, 1991. On December 4, 1991,
petitioner and Burnett agreed in writing (Babcock Road property
agreement) to create a joint venture called “TGR Partnership a
Texas general partnership” (TGR I), with a principal place of
business at the Jones Maltsberger Road property. Petitioner and
Burnett signed Exhibit A to the Babcock Road property agreement
which states: “This partnership is formed for the purpose of
purchasing the property as described in Exhibit ‘B’”. Exhibit B
describes the Babcock Road property. The Babcock Road property
agreement provided: (a) “Joint venture I” began on December 3,
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