HUG, Circuit Judge:
The Bezdjians appeal the Tax Court's judgment that they are liable for a tax deficiency of $37,594 for 1978. The sole issue in this case is whether a series of transactions entered into by the Bezdjians to effectuate the acquisition of a parcel of real property and the conveyance of another qualifies for nonrecognition treatment pursuant to section 1031 of the Internal Revenue Code (1978) (hereinafter "section 1031"). We hold that the transactions...
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