Robert D. and Patricia K. Kaliban, et al. - Page 37

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            by others.  However, petitioners failed to take adequately into                           
            account Alter's lack of education and experience in plastics                              
            materials and plastics recycling, and the limited nature of his                           
            investigation of the Plastics Recycling transactions.  Moreover,                          
            it was Feinstein who reviewed the other tax shelters for                                  
            petitioners, not Alter, and Feinstein was primarily responsible                           
            for reviewing the Plastics Recycling transactions.  Petitioners                           
            were well aware that Feinstein handled such work for Alter.  In                           
            their posttrial briefs, petitioners state that they "came to                              
            value Feinstein's wisdom and ability to analyze financial data                            
            and appraise the economic potential of a prospective investment."                         
            Unlike Alter, however, Feinstein did not invest in the Plastics                           
            Recycling transactions.  In any event, under the circumstances of                         
            these cases, petitioners' characterization of how Alter and/or                            
            Feinstein presented the Plastics Recycling transactions to them                           
            is not dispositive of the issue.  See Buck v. Commissioner, T.C.                          
            Memo. 1997-191.                                                                           
                  Alter and Feinstein conducted a limited investigation of the                        
            Plastics Recycling transactions.  Alter read the offering                                 
            materials, discussed the investment with others at Shea & Gould,                          
            and spoke to Winer.  The colleagues he spoke to included                                  
            Hirshfield, Carroll, Parker, and Ferraro, but he primarily relied                         
            upon Feinstein, in whom Alter indicated he reposed particular                             
            confidence based upon their long professional association.  Alter                         
            recalled the investigation by his colleagues at Shea & Gould in                           

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