- 17 - profit and divided the net proceeds equally. Thus, petitioner and Burnett formed TGR I as a partnership to hold real property for profit. Real property acquired in the name of the partnership is partnership property. See Tex. Rev. Civ. Stat. Ann. art. 6132b, sec. 2.05(a)(1) (West 1999). A copy of the deed for the Babcock Road property is not in the record. However, it appears from the settlement documents that TGR I bought the Babcock Road property on December 5, 1991, in TGR I’s name. Petitioners do not dispute this fact. A City of San Antonio statement of property taxes for 1992 states that TGR I was the owner of record of the Babcock Road property. The documents evidencing the sale of the Babcock Road property name TGR I as the seller. Thus, TGR I, and not petitioner and Burnett, acquired and held title to the Babcock Road property. See Tex. Rev. Civ. Stat. Ann. art. 6132b, sec. 2.05(a)(1) (West 1999). We conclude that the Babcock Road property does not qualify as replacement property for the Hoefgen Avenue property under section 1033. b. The Warfield Drive Property Petitioners contend that they acquired the Warfield Drive property as cotenants. Petitioners point out that petitioner and Burnett testified that they did not intend to form a partnership. The objective facts show otherwise.Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Next
Last modified: May 25, 2011