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84th Street property was located. Youngblood is unrelated to
petitioners.
On December 7, 1994, petitioners and Youngblood agreed to
exchange the 84th Street property for the 116th East Ave.
property (the exchange). The exchange was finalized on December
30, 1994. The exchange was treated as essentially one
transaction, but the terms were recorded as if the agreement
constituted a sale by petitioners of the 84th Street property for
$134,500 and a sale by Youngblood of the 116th East Ave. property
for $67,500.
As part of the exchange, Youngblood paid the $134,500 sale
price for the 84th Street property, plus settlement charges,
taxes, and repair costs totaling $7,310.78, for a total of
$141,810.78.1 These funds were used in large part to retire a
$126,074.95 mortgage held by the Bank of Oklahoma with respect to
the 84th Street property.
With respect to their acquisition of the 116th East Ave.
property in the exchange, petitioners paid $67,500, plus
settlement charges and taxes of $1,090.41, for a total of
$68,590.41, financed in part by a $50,625 mortgage loan from the
Bank of Oklahoma on the 116th East Ave. property.
1 Youngblood paid $55,830.78 in cash at closing and financed
most of the balance with funds borrowed from First Mortgage Corp.
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