REAL ESTATE: The Grand Scheme

Sunset International Petroleum Corp. is a lively, California-based oil company which operates wells in eight states, and has ambitions to grow bigger fast—thanks to a quirk in the tax laws. Sunset, headed by Morton A. Sterling, 34, last week was branching out into the real estate business. It purchased Tavares Development Co., a huge. San Diego real estate firm that helped build the state of Washington's Chief Joseph Dam, Los Angeles' $20 million Hyperion sewage system, has built nearly 15% of all San Diego residences, and is currently developing suburban San Carlos,...

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