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7.
* * * * * * *
In no event shall Seller have use or control of
the funds contained in escrow on or before termination
of said escrow. Seller shall not have the right
to sell, assign, transfer, encumber or in any other
manner anticipate or dispose of his interest in said
escrow until the same is actually paid over to and
received by Seller.
Pursuant to the escrow agreement and the timber contract, on
November 29, 1994, Lewis received from Rayonier net proceeds of
$504,935 (the escrow funds), which he deposited into a checking
account at Farmers & Merchants Bank in Dublin, Georgia. By three
separate letters, dated December 18, 1994, December 21, 1994, and
January 2, 1995, petitioner identified to Lewis as replacement
properties three parcels of land (the replacement properties),
ownership of each of which was transferred directly to petitioner
by warranty deed from the respective owners as follows:
Ownership
Petitioner’s Replacement transferred
letter to Lewis property acreage to petitioner
Dec. 18, 1994 488.57 acres Feb. 16, 1995
Dec. 21, 1994 1316.82 acres Mar. 14, 1995
Jan. 2, 1995 105.7 acres Feb. 15, 1995
1 The parties have stipulated that the land contained 316.82
acres, although the letter to Lewis states that the property
contains 312 acres. To the extent there is a discrepancy, it is
immaterial to the result reached herein.
The replacement properties are all within 30 miles of the 95
acres. When petitioner acquired these replacement properties,
they all contained standing timber that accounted for a
significant part of their value.
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