Hyman S. and Gaile S. Zfass - Page 3

                                         -3-                                          
          joint Federal income tax returns for 1982 and 1983, the years under         
          consideration.                                                              
               Petitioner is a medical doctor who has been practicing                 
          medicine for more than 50 years.  Over the years, petitioner’s              
          practice has focused, to a considerable extent, on sports and               
          exercise medicine.                                                          
               In 1982, petitioner acquired a 2.83-percent interest                   
          (represented by one partner unit) in Therapeutics CME Group, L.P.,          
          a Connecticut limited partnership (the partnership), for $17,160.           
          The stated purpose of the partnership was to acquire by lease and           
          thereafter exploit a series of video disk master programs on                
          exercise and sports therapy. The master programs were to be                 
          produced by World Video Corp. in connection with the School of              
          Continuing Education and the Television Center of Hahnemann Medical         
          College and Hospital of Philadelphia (Hahnemann).  The partnership          
          was to arrange for the reproduction of the programs on video                
          cassettes and video disks and thereafter sell them principally to           
          members of the medical profession for use in satisfying their               
          continuing medical education requirements.                                  
               Petitioner learned about the partnership from B. Roland                
          Freasier, Jr., petitioner’s friend and a person whom petitioner had         
          used as an accountant and attorney, and from whom he obtained               
          investment advice.  Freasier arranged for petitioner to meet with           
          Virgil Williams, the partnership's tax matters partner. Williams            






Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  Next

Last modified: May 25, 2011