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During the years in issue, Mr. Schwartz practiced medicine
in West Islip and specialized in gynecological oncology. During
the years in issue, Mrs. Schwartz was an Adjunct Professor of
Special Education at Dowling College and an Assistant Professor
at Hofstra University. Petitioners have three adult children:
Benjamin, Anna, and Sarah.
Mr. Schwartz’s interest in sailing began in the late 1960s.
Around this time, he purchased his first boat, a 24-foot
Columbian Challenger cruiser. In the 1970s, Mr. Schwartz then
purchased a 34-foot Tartan cruiser. Mr. Schwartz began racing
sailboats in 1980 and purchased a 39-foot Baltic racer-cruiser
(Baltic 39). In 1984, Mr. Schwartz sold the Baltic 39 at a
profit and then purchased a 48-foot Baltic racer-cruiser (Baltic
48). Mr. Schwartz then sold the Baltic 48 at a profit and
purchased a 50-foot Soverel racing boat (Soverel 50) around 1990
to learn more about the 50-foot class of boats. Petitioners kept
the Soverel 50 for 9 months to learn about it and to determine
what expenses would be involved with this type of boat by
chartering it.
The Association
Petitioners also purchased the Soverel 50 in order to join
the 50-foot Association (the Association). The purpose of the
Association was to allow owners of a similar class of boats to
race at a variety of venues in the United States and other
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