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cruise. Roberts and Grant together have been general partners in
other investments.
Prior to the Plymouth transactions, Roberts and Grant were
clients of the accounting firm H. W. Freedman & Co. (Freedman &
Co.). Harris W. Freedman (Freedman), a certified public
accountant (C.P.A.) and the named partner in Freedman & Co., was
the president and chairman of the board of F & G Corp. He also
owned 94 percent of a Sentinel EPE recycler. Freedman & Co.
prepared the partnership returns for ECI Corp., F & G Corp., and
Plymouth. It also provided tax services to John D. Bambara
(Bambara). Bambara is the 100-percent owner of FMEC Corp., as
well as its president, treasurer, clerk, and director. He, his
wife, and daughter also owned directly or indirectly 100 percent
of the stock of PI.
D. Petitioners and Their Introduction to Plymouth Equipment
Associates
Petitioners resided in Fort Lee, New Jersey, at the time
their petition was filed. Hereafter, reference to petitioner in
the singular denotes David Singer.
In 1930, at the age of 16, petitioner left high school
during his sophomore year and entered the work force. By the
late 1930's he was selling, with some success, sundry goods and
dresses. Petitioner then served in the Army for 45 months.
Approximately 1 year after completing his military service
petitioner became a salesman for a floor covering business, Hy
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