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1991; (b) its purpose was short-term investment (6 to 12 months)
in the Babcock Road property; (c) all allocations would be 50
percent each to petitioner and Burnett; (d) real property was to
be owned in the name of the joint venture or any joint venturer
as nominee or trustee of the joint venture; (e) each joint
venturer waived the right to partition joint venture property;
(f) the joint venturers had equal right to control and manage the
Babcock Road property; (g) the joint venturers’ rights to sell,
assign, transfer, encumber, or otherwise dispose of interests in
the Babcock Road property were restricted; and (h) each of the
joint venturers had the option to buy the other’s interest upon
the other’s death, adjudication of the other’s incompetency, the
other’s bankruptcy, or gift of part or all of the other’s
interest in the property.
The Babcock Road property settlement statement dated
December 5, 1991, names TGR I as the borrower for the property.
On March 20, 1992, petitioner registered TGR I as his
assumed name. Petitioner did not include Burnett’s name on the
assumed name certificate. A City of San Antonio statement of
property taxes for 1992 lists the TGR I as the owner of record of
the Babcock Road property.
On December 15, 1992, petitioner and Burnett sold the
Babcock Road property for $318,000 plus $429 in taxes. The
settlement statement listed TGR I as the seller. Petitioner and
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Last modified: May 25, 2011