Robert D. and Patricia K. Kaliban, et al. - Page 6

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           reply memoranda.  For reasons discussed in more detail at the end                          
           of this opinion, and also in Farrell v. Commissioner, T.C. Memo.                           
           1996-295, these motions shall be denied; see also Sann v.                                  
           Commissioner, T.C. Memo. 1997-259; Friedman v. Commissioner, T.C.                          
           Memo. 1996-558; Jaroff v. Commissioner, T.C. Memo. 1996-527;                               
           Gollin v. Commissioner, T.C. Memo. 1996-454; Grelsamer v.                                  
           Commissioner, T.C. Memo. 1996-399; Zenkel v. Commissioner, T.C.                            
           Memo. 1996-398.                                                                            
                 The issues remaining in these consolidated cases are:  (1)                           
           Whether petitioners are liable for the additions to tax for                                
           negligence under section 6653(a)(1) and (2); and (2) whether                               
           petitioners are liable for the additions to tax under section                              
           6659 for underpayments of tax attributable to valuation                                    
                                         FINDINGS OF FACT                                             
                 Some of the facts have been stipulated in each case and are                          
           so found.  The stipulated facts and attached exhibits are                                  
           incorporated in the respective cases by this reference.                                    
           A.  The Plastics Recycling Transactions                                                    
                 These cases concern petitioners' investments in two limited                          
           partnerships that leased Sentinel expanded polyethylene (EPE)                              
           recyclers:  Clearwater Group (Clearwater) and Poly Reclamation                             
           Associates (Poly Reclamation).  Petitioners Kaliban, Roland, and                           
           Zimmer are limited partners in Poly Reclamation.  Petitioners                              

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