Harold A. Johnson - Page 2

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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            
               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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