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remain at their current costs per pound or that the recycled
pellets will be as marketable as virgin pellets; and (7) certain
potential conflicts of interest exist.
C. Stuart Becker and Steven Leicht
Becker does not have an engineering background, and he is
not an expert in plastics materials or plastics recycling. He
received a B.S. degree in accounting from New York University in
1964 and an M.B.A. in taxation from New York University School of
Business Administration in 1973. He passed the certified public
accountancy test in 1967 and was the winner of the gold medal,
awarded for achieving the highest score on the examination for
that year. Since early 1966, Becker has practiced as an
accountant exclusively in the tax area. From 1964 until 1972 he
worked for the accounting firm of Touche, Ross & Co., and in 1972
he joined the accounting firm of Richard A. Eisner & Co. as the
partner in charge of the tax department. In 1977, Becker founded
Becker Co.
Becker had considerable experience involving tax shelter
transactions before he organized the SAB Recycling Partnerships.
He prepared opinions regarding tax shelters' economic and tax
projections, advised individuals and companies with respect to
investments in tax shelters, lectured extensively about tax
shelter investments generally, and lectured and published with
respect to leveraged tax shelters. Becker described a leveraged
tax shelter as "a transaction where [the ratio of] the effective
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