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If the Company decides to not pay the US $571,429 on January 28, 2006, the Company relinquishes all its 51% option interest in the processing plant.
However, in December 2002 the service issued revenue procedure 2002-83 to establish its position: The guidance is clear--a taxpayer (including individuals, corporations, limited liability companies and partnerships) may sell the property it relinquishes to a related party (subject to a two-year holding period) but may not buy replacement property from a related party.
Under the terms of the settlement agreement, Ruby relinquishes all rights it had with regard to IRG, and IRG relinquishes all rights it had with respect to the permit that Ruby secured to conduct salvage operations in the Pedro Bank area.