Ira S. Greene and Robin C. Greene - Page 1

                                 T.C. Memo. 1997-296                                  


                               UNITED STATES TAX COURT                                


                  IRA S. GREENE AND ROBIN C. GREENE, Petitioners v.                   
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      


               Docket No. 32552-85.                    Filed June 30, 1997.           


               Lanny M. Sagal, for petitioners.                                       
               Barry J. Laterman, for respondent.                                     


                                      CONTENTS                                        
                                                                      Page            
          MEMORANDUM FINDINGS OF FACT AND OPINION....................... 2            
          OPINION OF THE SPECIAL TRIAL JUDGE............................ 2            
          FINDINGS OF FACT.............................................. 4            
          A. The Plastics Recycling Transactions...................... 5              
          B. Resource Reclamation Associates.......................... 7              
          C. Richard Roberts.......................................... 9              
          D. Petitioners and Their Introduction to Resource                           
               Reclamation Associates...................................10            
          OPINION.......................................................14            
          A. Section 6653(a)--Negligence..............................16              
               1. The Private Offering Memorandum.......................17            





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