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5. Petitioners
a. Petitioners Stephen H. Glassley and Judith S. Glassley
Petitioners Glassley resided in Fort Wayne, Indiana, at the
time they filed their petition in the instant cases. During
1981, petitioner Stephen H. Glassley (Dr. Glassley) worked as a
physician, and petitioner Judith S. Glassley (Mrs. Glassley)
worked as a medical assistant in Fort Wayne, Indiana.
Petitioners Glassley reported adjusted gross income of $72,323 on
their 1981 Federal income tax return.
Dr. Glassley became interested in jojoba after reading about
the plant in the Wall Street Digest, an investment newsletter
written by Donald Rowe (Rowe). Dr. Glassley had a high regard
for Rowe's investment advice. In September 1981, Dr. Glassley
read more about jojoba and decided that an investment in jojoba
might be a way to add to his retirement income. Mrs. Glassley
then wrote to Rowe to ask about potential jojoba investment
opportunities. In response, petitioners Glassley were provided
with the names of two individuals, one of whom was Whittaker.
Berberich telephoned petitioners Glassley in response to a letter
they had written to Whittaker. Dr. Glassley was impressed by
what Berberich said about jojoba and Whittaker.
Following their telephone conversation, Berberich mailed a
copy of the offering circular to petitioners Glassley. They
studied the offering, including the tax opinion, and discussed it
with their certified public accountant who had glanced at the tax
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