- 8 - Burnett each signed the settlement statement as a partner of TGR I. The settlement company issued two checks for $143,250 each payable to TGR I. Petitioner and Burnett each endorsed one check payable to the other. 3. The Warfield Drive Property On May 14, 1993, petitioner and Burnett agreed to form a joint venture under the name “TGR Partnership a Texas general partnership” (TGR II) to buy real property to hold for 3 to 5 years to generate rental income. On May 17, 1993, petitioner and Burnett signed a written agreement (Warfield Drive property agreement), and bought property on Warfield Drive (Warfield Drive property) in San Antonio. On May 17, 1993, petitioner and Burnett each paid about $123,000 for a 50-percent interest in TGR II. Petitioner and Burnett signed Exhibit A to the Warfield Drive property agreement which states: “This partnership is formed for the purpose of purchasing the property as described in Exhibit ‘B’”. Exhibit B describes the Warfield Drive property. The Warfield Drive property settlement statement identified “Gary Burnett and Tom Sandoval dba TGR and Partnership” as the borrower for the property. The Babcock Road and Warfield Drive property agreements are identical except for the description of, and the stated purpose for holding, the properties.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011