- 16 -
D. Petitioners and Their Introduction to the Partnership
Transactions
Leon M. and Mary K. Jaroff resided in New York, New York,
when their petition was filed. Leon M. Jaroff (petitioner)
earned degrees in electrical engineering and mathematics from the
University of Michigan in 1950. He then moved to New York and
worked for an engineering magazine entitled Materials and
Methods. Six months later he joined the staff of Life magazine.
Over approximately the next 8 years, petitioner was employed as a
researcher, then as a reporter in New York, and then as a bureau
correspondent for Life magazine. While working in the Chicago
bureau in 1958, petitioner transferred to Time magazine (Time).
Several years later, he was promoted to Detroit bureau chief. In
1964 petitioner was transferred to New York to write for the
business section of Time. Subsequently, petitioner was employed
as a science writer for Time, the science editor for that
magazine, and then as a senior editor. In 1980 Time, Inc.
started a science magazine, Discover, and petitioner was chosen
to be its first managing editor. Petitioner was the managing
editor of the science magazine Discover for 4-1/2 years,
including the taxable years in issue. Mary K. Jaroff was a sales
executive with Institutional Investor Systems during the taxable
years in issue.
Petitioner acquired a second-tier, 0.895928-percent interest
in SAB Recovery--through the partnership Resource Partners--for
Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 NextLast modified: May 25, 2011