- 7 - petitioner's daughter, who testified at trial on behalf of petitioner. Although petitioner was not involved in the day-to-day conduct of the real estate business, over the years she was a party to many transactions in the acquisition and sales of property and, in several instances, in instituting legal actions with Mr. Gurr in connection with land titles. Several tracts of land were acquired in her name alone and others jointly with Mr. Gurr. The Court is satisfied from the evidence that petitioner's name on these deeds was not for nominal purposes. For example, in 1991, Mr. Gurr filed an individual petition for relief under Chapter 11 of the Bankruptcy Code. Prior to institution of the proceeding, he arranged with petitioner to have certain real estate transferred to her in order that such property would be beyond the reach of his creditors.5 Petitioner knew and understood that to be the purpose of the transfer. During the course of the bankruptcy proceeding, Mr. Gurr petitioned the court for the sale of a certain tract of real estate in which petitioner owned a one-half interest. That sale was a $455,000 transaction. Petitioner consented to the sale on the condition that her interest in the sales proceeds be protected. She also consented to the use of some of the proceeds for payment of 5 There is no indication in the record that Mr. Gurr's creditors challenged the validity of the transfer.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011