Frances L. and Gary L. Rambacher - Page 3

          partner involved with the promotion of the Barrister                        
          partnerships.  In response to his inquiries, petitioner received            
          another brochure that apparently addressed his remaining                    
          questions about the Barrister partnerships.                                 
               The record includes private placement memoranda for Series             
          98 and Series 124, and the offering summary for Barrister                   
          Equipment Associates Series 115 (Series 115).  The parties have             
          stipulated that the offering summary for Series 115 is                      
          essentially the same as the offering summaries for Series 98 and            
          Series 124.  According to the various materials, the partnerships           
          were organized to lease literary properties for publication,                
          distribution, and sale.                                                     
               The private placement memoranda stated that the offerings              
          were exempt from registration with the Securities and Exchange              
          Commission.  In addition, both warned that investment in the                
          securities offered involved a high degree of risk and should not            
          be purchased by anyone who could not afford the loss of their               
          entire investment.                                                          
               The offering summary included a chart identified as a                  
          "Typical Illustration of Anticipated Federal Tax Aspects For a              
          Full Unit Investor".  For a taxpayer in the 50-percent tax                  
          bracket, a full unit investment was projected to yield a tax                
          savings of 4 times the amount of cash invested in the first year            

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