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final partnership administrative adjustment (the FPAA) to the
partnership for the tax years 1985 and 1986 on December 2, 1991.
On March 2, 1992, the partnership filed a petition with this
Court challenging the correctness of the FPAA, but making no
claim that it was not timely. That case was captioned Hambrose
Leasing 1984-5 Limited Partnership, Barry M. Goldwater, Jr., Tax
Matters Partner v. Commissioner, under docket number 4539-92, and
we will hereinafter refer to it as Hambrose II.
On September 1, 1992, this Court issued its opinion in a
related case, pertaining to the 1984 tax year, Hambrose Leasing
v. Commissioner, 99 T.C. 298 (1992), which we hereinafter refer
to as Hambrose I. In Hambrose I, we held that the issue of
whether a partner is at risk under section 465 must be decided in
a partner-level proceeding, not in a partnership-level
proceeding. In that opinion, we also decided that, for purposes
of any subsequent litigation involving the partnership, the
installment note for the additional equipment was nonrecourse as
to the partnership. Id. at 303, 312. The decision in that case
was entered on September 24, 1992, and became final on December
23, 1992.
On October 6, 1993, this Court granted respondent's motion
in Hambrose II to dismiss for lack of jurisdiction with respect
to the at-risk issue under section 465, and all references to
this issue were stricken from the pleadings. On May 27, 1994, we
entered a decision in Hambrose II based on a stipulated
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