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attributable to the foreclosure of his personal residence.1
FINDINGS OF FACT2
Some of the facts have been stipulated, and they are so
found. Petitioner resided in Brunswick, Georgia, at the time
that his petition was filed with the Court.
A. Purchase of the Merritt Island Property
In 1977, petitioner purchased a single-family house located
at 1170 Outrigger Drive, Merritt Island, Florida (the Merritt
Island property). Petitioner purchased the Merritt Island
property for $38,500 and financed it by a 30-year purchase money
mortgage for $36,000.3 Petitioner used the Merritt Island
property as his personal residence.
B. Foreclosure of the Merritt Island Property
In or about 1988, a mortgage foreclosure proceeding was
commenced in the Brevard County, Florida, circuit court (the
Brevard County court) in respect of the Merritt Island property.
1 Unless otherwise indicated, all section references are to
the Internal Revenue Code in effect for 1998, the taxable year in
issue.
2 At trial, we deferred ruling on certain evidentiary
objections relating to relevancy that the parties reserved in the
stipulation of facts. We now overrule those objections.
3 It would appear that the Merritt Island property was
subsequently encumbered with a second mortgage. However, the
record does not disclose either the amount or the nature or
purpose of the loan for which that mortgage was given.
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