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Zimmer met Alter through the Screen Actors Guild. He was
impressed with Alter's work and retained his firm in
approximately 1970 to manage his finances. Alter's firm
deposited Zimmer's receipts into various accounts and oversaw the
payment of his bills. Feinstein prepared the Zimmers' tax
returns and on occasion reviewed tax shelters and other
investments that had been suggested to Zimmer by others.11
Zimmer met with Feinstein on a weekly basis and met with Alter
several times each year. Alter rarely recommended investments to
Zimmer. Zimmer recalled making just one investment involving
Alter prior to 1981. They both invested in a profitable
commercial real estate venture. On their joint 1981 Federal
Income tax return, the Zimmers reported gross income from wages,
interest, dividends, State and local tax refunds, and capital
gains in excess of $139,500.
Zimmer acquired a 1.547-percent interest in Poly Reclamation
for $12,500 in 1981. As a result of his investment in Poly
Reclamation, on their 1981 Federal income tax return the Zimmers
claimed an operating loss in the amount of $9,976 and an
investment tax and business energy credit in the amount of
$21,584. The Zimmers also claimed an operating loss from Poly
11 Zimmer recalled: "I used to belong to a men's club at the
Vanderbilt YMCA and there was a chap there that used to sell tax
shelters, investments. He was always telling me I was a damn
fool, why don't you buy something, why don't you take advantage
of these things."
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