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the Krause opinion and such settlements were finalized. The
earliest settlement agreement executed by a movant herein was
signed on January 3, 1994, and the latest one was signed on
December 1, 1994.
Between February 16 and March 27, 1995, written requests to
respondent were made by the movants herein (with exception of
William and Arlene Ginn and Lomand and Janice Beals)4 for the
opportunity to set aside their prior no-cash settlement agreements
with respondent and to enter into new settlement agreements with
respondent consistent with the cash settlement terms that had been
entered into by other investors during 1986, 1987, and 1988.
Respondent denied each such request on the grounds that each
request was untimely, that each investor making such request had
previously entered into a settlement agreement with respondent,
and that each such settlement agreement had converted the
investors' partnership items to nonpartnership items.
The TEFRA provisions expressly provide that where a
settlement agreement is entered into between respondent and a
partner in a partnership before issuance of the relevant FPAA to
the tax matters partner (TMP), other partners who wish to enter
into consistent settlement agreements must make requests therefor
within 150 days after the FPAA is mailed to the TMP. Section
4 The Ginns and the Beals appear not to have made a written
request to respondent for a consistent settlement.
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