Estate of Leon Israel, Jr., Deceased, Barry W. Gray, Executor, and Audrey H. Israel - Page 3

                  *  120 percent of interest accruing after Dec. 31,                                  
                     1984, on portion of the underpayment attributable                                
                     to a tax-motivated transaction.                                                  
                  Unless otherwise indicated, all section references are to                           
            the Internal Revenue Code in effect for the years in issue, and                           
            all Rule references are to the Tax Court Rules of Practice and                            
                  After settlement, the sole issue for decision is whether                            
            losses incurred in connection with closing forward contracts in                           
            Government securities should be treated as capital losses or as                           
            ordinary losses.                                                                          
                  The parties submitted these consolidated cases fully                                
            stipulated under Rule 122.  More specifically, as factual                                 
            evidence in these cases, the parties stipulated the admissibility                         
            of the entire trial record of Stoller v. Commissioner, T.C. Memo.                         
            1990-659, 60 T.C.M. (CCH) 1554, 1990 T.C.M. (P-H) par. 90,659,                            
            affd. in part and revd. in part 994 F.2d 855 (D.C. Cir. 1993).                            
            That case involved Herbert Stoller (Stoller), petitioners'                                
            counsel in the instant cases and also a partner in Holly Trading                          
            Associates (Holly), a partnership in which Leon Israel, Jr.                               
            (Israel), Jonathan P. Wolff (Wolff), and other petitioners herein                         
            also invested, and the treatment, for Federal income tax                                  
            purposes, of the identical losses of Holly relating to the same                           
            forward contracts that are at issue in the instant cases.  A                              
            number of additional issues that were addressed in Stoller v.                             
            Commissioner, supra, are not at issue herein.                                             

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