Robert G. Leslie and Marilyn B. Leslie - Page 16

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          trading decisions in the future on behalf of petitioner.  Short             
          was very interested in the Hunter program and advised petitioner            
          of the substance of the initial meeting with Russ Klein.  Short             
          testified that he did not receive the promotional material nor              
          learn about the favorable tax benefits of straddle trading in the           
          Hunter program until his final meeting with Klein, which peti-              
          tioner attended.                                                            
               Petitioner testified that he reviewed the Hunter promotional           
          material, including "Summary of Federal Income Tax Consequences"            
          and discussed the tax consequences of the Hunter program with               
          Short prior to making his actual Hunter investment.  Petitioner             
          did no further research regarding the Hunter program.  Petitioner           
          testified that he did not check into any of the credentials of              
          the individuals who wrote the Hunter promotional material.                  
               Petitioner decided to make his investment with Hunter in               
          December 1980 based on the information Short obtained from his              
          meetings and conversations with Klein and due to repeated calls             
          from Klein urging him to make an investment with Hunter immedi-             
          ately.  Klein's reason for wanting petitioner to invest at that             
          time was that the volatility of the gold market presented an                
          opportunity for immediate tax benefits.  Short testified that               
          some of the considerations for investing in Hunter programs at              
          that time were to maximize profits during a volatile market and             
          to take advantage of the tax benefits.                                      






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