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| | Derr v. Commissioner (1981) |
 | | Thereafter, the apartment complex was deeded to La Salle National Bank, as trustee, pursuant to a trust agreement dated June 24, 1974, under which Aragon was the beneficiary. |
 | | Smigel bore the entire burden of maintaining the apartment complex until the final closing, agreeing to, among other things, maintain the premises in as "good condition," excepting ordinary wear and tear, as of the date of the contract. |
 | | It was never intended that HPC would actually own or operate the apartment complex, and in fact, upon the final closing under the installment contract, the apartment complex was deeded to the trustee under a trust agreement that named Aragon as the beneficiary. |
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