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brief pursuant to Rule 151. Under the circumstances, we find it
inappropriate to disregard or strike respondent’s opening (or
reply) brief, and we decline to do so.
FINDINGS OF FACT
Some facts have been stipulated and are so found. The
stipulation of facts, with attached exhibits, is incorporated
herein by this reference.
At the time the petition was filed, petitioner Barry E.
Moore (Mr. Moore) resided in Elberton, Georgia, and Ms. Moore
resided in Marietta, Georgia.
The Section 1031 Issue
Background
On April 15, 1988, petitioners purchased two contiguous
parcels of lakefront real property, along with a mobile home
located on one of those parcels, on Clark Hill Lake in Lincoln
County, Georgia (the Clark Hill property). On December 3, 1999,
petitioners entered into a purchase and sale agreement wherein
they agreed to purchase improved lakefront property in Forsyth
County, Georgia (the Lake Lanier property). Thereafter, during
2000, petitioners were involved in a series of transactions
whereby they purported to (1) assign a 25-percent interest in the
purchase and sale agreement to an escrow agent, (2) join with the
escrow agent in purchasing the Lake Lanier property (75 percent
acquired by petitioners, 25 percent by the escrow agent), and (3)
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