Abraham and Dina Weiss - Page 3
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1978; and (5) whether petitioners are liable for increased
interest on the deficiencies, if any, pursuant to section
FINDINGS OF FACT2
At the time petitioners filed their petition herein, they
were residents of Brooklyn, New York. During the taxable years
1976, 1977, and 1978, petitioner Abraham Weiss was employed as a
certified public accountant. He has substantial experience in
preparing tax returns. During the same years, he was also a
general partner in Oshtemo-Kalamazoo, a partnership involved in a
cable television activity. Before he became a general partner in
Oshtemo-Kalamazoo, petitioner Abraham Weiss' only experience in
the cable television industry arose from providing accounting
services for clients in that industry. He prepared the tax
returns for Oshtemo-Kalamazoo for the years in issue. At the
time of trial, petitioners had no documents, such as bank records
or other business records, relating to Oshtemo-Kalamazoo, nor
were they able to locate witnesses other than Mr. Weiss himself
who could testify regarding their investment in Oshtemo-Kalamazoo
and his becoming a general partner therein.
Oshtemo-Kalamazoo issued a note to acquire a cable
television system in 1976. The note was nonrecourse, and
petitioners did not have personal liability on the note.
2 Some of the facts have been stipulated and are so found.
The stipulation of facts and the attached exhibits are
incorporated herein by this reference.
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