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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.
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