Transpac Drilling Venture 1982-21, Asher Fensterheim, Charles L. Pincus, Thomas D. Callahan, Donald W. Dvorak, and Thomas J. Williams, Partners Other Than The Tax Matters Partner, et al. - Page 14

          conclusion.  The communications that took place between September           
          25, 1990, and May 10, 1991, related to ascertaining final                   
          computations and making clear the steps necessary to achieve a              
          settlement.  The purpose was to satisfy Fensterheim and answer              
          his questions preliminary to signing the Forms 870-L(AD).                   
          Nothing that transpired constituted a settlement agreement.                 
          Fensterheim relies entirely on the language in the May 10, 1991,            
          letter from Goldbas stating: "Accordingly, as agreed, you will              
          execute the agreements relating to the assessment for the 1982              
          through 1985 tax years as soon as possible."  The quoted language           
          does not indicate that a settlement had been reached.                       
               In the letter of May 10, 1991, Goldbas stated "You wanted a            
          computation before you executed the consent form which will                 
          result in the settlement of your Transpac Drilling Venture                  
          losses" and "we will provide 30 additional days for the execution           
          of the Form 870-L agreements that we have provided in order to              
          resolve the tax deficiencies relating to the Transpac partnership           
          items for the 1982 through 1985 years."  This language indicates            
          that no settlement had been reached between Fensterheim and                 
          respondent as of that date.  Nothing in Goldbas' letter indicates           
          that a settlement had been reached or would be reached without              
          the Forms 870-L(AD).                                                        
               Fensterheim next argues that on June 14, 1991, Deshler                 
          mailed respondent three executed Forms 870-L(AD), one for each              
          Transpac partnership, 1982-1, 1982-15, and 1982-21.  Fensterheim            

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