- 2 -
7443A(b)(4) and Rules 180, 181, and 183.1 The Court agrees with
and adopts the opinion of the Special Trial Judge, which is set
forth below.
OPINION OF THE SPECIAL TRIAL JUDGE
WOLFE, Special Trial Judge: This case is part of the
Plastics Recycling group of cases. For a detailed discussion of
the transactions involved in the Plastics Recycling cases, see
Provizer v. Commissioner, T.C. Memo. 1992-177, affd. without
published opinion 996 F.2d 1216 (6th Cir. 1993). The facts of
the underlying transaction in this case are substantially
identical to those in the Provizer case. Through a second tier
partnership, Efron Investors (EI), petitioner invested in the
Clearwater Group limited partnership (Clearwater), the same
partnership considered in the Provizer case. Pursuant to
petitioner's request at trial, this Court took judicial notice of
our opinion in the Provizer case.
In a notice of deficiency, respondent determined
deficiencies in petitioner's 1981 and 1982 Federal income taxes
in the respective amounts of $13,770 and $4,502, and an addition
to tax for 1981 in the amount of $2,848.33 under section 6659 for
valuation overstatement. Respondent also determined that
interest on deficiencies in petitioner's 1981 and 1982 Federal
1
All section references are to the Internal Revenue Code in
effect for the tax years in issue, unless otherwise stated. All
Rule references are to the Tax Court Rules of Practice and
Procedure.
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