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mortgage obligation, they borrowed money from relatives and

placed the Florida house on the market.

The timeshares and the South Carolina house were personal

vacation

properties.

They

were

not

listed

for

sale

until

funds

were

needed

to

pay

for

the

Florida

house.

These

vacation

properties were not purchased or held for sale to customers in

the ordinary course of business.

Moreover, petitioner’s ownership of the undeveloped land in

Florida does not establish that petitioner and Mrs. Wood were

dealers

in

real

estate.

Petitioner

and

Mrs.

Wood

purchased

the

undeveloped

land

in

1976.

In

1994,

petitioner

and

Mrs.

Wood

entered into a contract to sell that land, but the buyer failed

to

perform

under

the

contract.

The

land

remained

undeveloped,

and

petitioner

continued

to

own

it

through

1996.

There

is

no

evidence that petitioner offered the land for sale before 1994 or

that

he

ever

attempted

to

develop

the

land.

We

conclude

that

petitioner purchased the land as an investment and not as

property held for sale to customers in the ordinary course of

business.

Finally, petitioner’s investment in MSPR, Ltd., does not

establish

that

he

was

a

dealer

in

real

estate.

Petitioner’s

partnership interest in MSPR, Ltd., was not real property held

for sale to customers in the ordinary course of petitioner’s

business.

It

is

settled

law

that

a

partnership

is

an

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