- 4 -
May Be Ignored or Recharacterized
Even Though the Parties Agree on
Brief That Those Banks Were Engaged
in Commercial Banking and That They
Were Not Controlled By Radcliffe,
BOT, or the Foreign Corporations
Pledging Collateral ............. 137
V. Analysis of the Transactions at Issue ......... 139
A. Bank Transactions ................. 141
1. BB Loan No. 1 Transaction .......... 141
2. BB Loan No. 2 Transaction .......... 147
3. BB Loan No. 3 Transaction .......... 151
4. UB $570,000 Pre-March 1984 Loan and
UB $570,000 Renewed Loan Transactions .... 154
5. UB $325,000 Loan Transaction ......... 159
6. UB $800,000 Radcliffe Loan Transaction .... 163
7. UB $1,300,000 Loan Transaction ........ 168
8. UB $1,830,000 Loan Transaction ........ 170
B. Horbury Transaction ................ 171
VI. Petitioner's Constitutional and
Abuse of Discretion Claims ............... 178
A. Petitioner's Constitutional Claim ......... 182
1. Petitioner's Claim That He Was Singled Out .. 183
2. Petitioner's Claim That He Was Singled Out
Based on Constitutionally Impermissible
Grounds ................... 187
B. Petitioner's Abuse of Discretion Claims ...... 189
1. Petitioner's Claim That Rev. Rul. 87-89
Should Not Be Applied Retroactively ..... 189
2. Petitioner's Claim That Respondent
Did Not Comply With Her Duty to Enforce
the Federal Tax Law Consistently ....... 193
VII. Additions to Tax .................... 194
MEMORANDUM FINDINGS OF FACT AND OPINION
CHIECHI, Judge: In a notice of transferee liability,
respondent determined that petitioner is liable as a transferee
of Radcliffe Investment Ltd. (Radcliffe) for the following
deficiencies in, additions to, and penalties on Radcliffe's
withholding tax:
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