The Frohnmayer Fandango

http://oregoncommentator.com/2006/10/21/the-frohnmayer-fandango/ "In 2005 Frohnmayer sold his home on Baker Boulevard for $405,000, and purchased a house on Spyglass Drive using a 1031 in-kind property exchange, allowing him to avoid paying taxes on the Baker revenue untill the Spyglass property is sold. This was possible because both homes were leased out as a source of income, due to the fact that the Frohnmayers are contractually obligated to live in McMorran house, the White House of the UO. The ethical problems are as follows. 1-Frohnmayer did not disclose the sale on his annual financial report because he felt that as his private residence, the Baker house sale fit the exemption on disclosure of transactions involving private residences. This becomes problematic because the McMorran house is his official residence, he is registered to vote there, his resume lists it, etc. Therefore, the deal involved investment property and should have been disclosed."