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it until construction of the new home was completed. Kumiko
Talmage did not sign the contract.
The Talmages submitted an application for approval of their
plan of development of the Rivercliff property to Multnomah
County on May 5, 1998, but it was rejected as incomplete on July
2, 1998. Throughout 1998 problems were encountered in obtaining
building permits. To overcome these problems, the Talmages hired
land use attorneys, engineers, and consultants to assist them.
Ultimately, substantial site improvements were required, costs
began to escalate, and development of the property was delayed.
On August 14, 1998, the Talmages and SSI received a stop work
order from Multnomah County requiring the Talmages to pay fines
for land-disturbing activities.
Beginning July 2, 1998, petitioner wrote three letters (one
on his attorney’s stationery) to Multnomah County emphasizing the
need to expedite the process to obtain the building permits
because of his goal to permanently move himself and his family to
the Rivercliff property by the spring of 1999.
On July 10 and August 21, 1998, the Talmages sold the
Vancouver and Black Butte properties for $147,000 and $284,000.
The sales resulted in long-term capital gains of $31,231 and
$120,606, respectively. The title companies handling the
closings reported the sales on Forms 1099-S, Proceeds From Real
Estate Transactions. The proceeds from the sale of the Black
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