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I guess it would be awkward for us to talk about anything,
including the weather.
Sam, I hope this limited amount of information has some
usefulness for you and [petitioner]. Frankly, I never
dreamed four years ago that I would need to reconstruct my
slight involvement with a "peripheral" fellow being.
[Emphasis added.]
In August 1984, Gersten, Savage, Kaplowitz & Simensky (Gersten),
the law firm representing the partnership, wrote petitioner and
demanded the second payment of $61,200. Gersten explained that
failure to pay would result in a forfeiture of petitioner's
partnership interest and a loss of all tax advantages stemming
from MSA in 1984. Petitioner assured Gersten that payment was
forthcoming but that it was made with "great reluctance" and that
it should "not be construed as a waiver of any claims" which may
arise from his investment in MSA.4
In October 1984, petitioners filed their 1983 joint Federal
income tax return, wherein they claimed an ordinary loss of
$35,539 and an investment tax credit of $79,441 relating to their
investment in MSA. The tax credit was calculated using the
unadjusted basis ($993,014) of the tapes as reported by MSA on
the Schedule K-1. Petitioner also claimed carryback credits for
4 In 1985, petitioner filed suit against Geldbach and Klar,
and joined in a suit against McGraw-Hill allegedly for
preparation of a fraudulent appraisal.
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