Anthony Teong-Chan Gaw as Transferee of Radcliffe Investment LTD. - Page 189

                                                 - 87 -                                                    
            under the foregoing hearsay exception in order to show that the                                
            financing structures described in Rev. Rul. 87-89, 1987-2 C.B.                                 
            195, in fact were "currently popular" at the time the ruling was                               
            issued.  Instead, petitioner asserts that that document is admis-                              
            sible to show that the National Office was aware that those                                    
            financing structures were "currently popular" at that time.                                    
                  On its face, the August 1987 memorandum seems to represent                               
            only the views or state of mind of its author.  Petitioner has                                 
            not shown that that memorandum is a statement of the institution-                              
            al view or position of the National Office or that its author was                              
            in a position that enabled or entitled him to articulate the view                              
            or position of the National Office with respect to the current                                 
            popularity of the financing structures described in Rev. Rul. 87-                              
            89, supra.  Petitioner has not established the basis on which we                               
            may impute to the National Office the state of mind of the author                              
            of the August 1987 memorandum.  That memorandum reflects only its                              
            author's state of mind with respect to the popularity of the                                   
            pattern of financing analyzed in Rev. Rul. 87-89, supra, regard-                               
            less whether that state of mind was correct.  On the instant                                   
            record, we conclude that the August 1987 memorandum is not admis-                              
            sible to show the state of mind of the National Office.59                                      

            59  Even if we were to admit the August 1987 memorandum into                                   
            evidence for the purposes advocated by petitioner, it would not                                
            change our resolution of petitioner's constitutional and abuse of                              
                                                                            (continued...)                 





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