- 37 - 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 inPage: Previous 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 Next
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