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on property in Osceola County, Florida, presently owned
by William F. Mitchell, Trustee.
WHEREAS, the beneficiaries of this Trust and their
interest are as follows: C. Wayne Schoolfield - 50%
and W. L. Medlin, Trustee - 50%.
WHEREAS, Allen further declares she as Trustee
will own, possess and administer the same only in
keeping with the interest of the beneficiaries thereto
and they shall have sole discretion and authority to
sell, assign, transfer, and convey or otherwise dispose
of the aforesaid Offer to Purchase Contract and that
she will execute any and all necessary forms to
consummate a sale upon receiving notice from the
beneficiares [sic]. Allen shall account to and pay
over to the beneficiarie [sic] herein the proceeds
derived from their stated interest in that Receipt for
Deposit and Offer to Purchase contract dated April 7,
1977 and attached hereto.
AND WHEREAS: Allen shall not sell, convey or
exchange the property conveyed to her as Trustee with
herself as an individual without written consent of the
beneficiaries of this Trust Agreement and she shall
keep an accurate set of records regarding the above
property and render periodic accounting therefore to
the beneficiaries.
Mr. Schoolfield and petitioner’s joint ownership of the High
Plains Property terminated at some point in time.
OPINION
Respondent determined that petitioner was the sole owner of
Lot 23 and that he realized the entire $19,699 gain from the sale
of Lot 23 in 1985. Petitioner contends that he was a half-owner
of the lot with Mr. Schoolfield when the property was sold and
that he received only half of the gain that respondent
determined.
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