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OPINION ........................... 87
I. Evidentiary Matters ................... 88
A. Attorney-Client Privilege ............. 89
B. Work-Product Doctrine ............... 91
II. Contingent Installment Sale Provisions ...... 93
III. Petitioner's Argument That An Economic Substance Analysis
Is Not Warranted .................... 96
A. Gregory v. Helvering and Horn v. Commissioner ... 96
B. Section 1001 and Cottage Savings .......... 103
IV. Petitioner's Contention That CINS Transactions Are Imbued
With Economic Substance ................ 110
A. Business Purpose .................. 112
B. Economic Substance ................. 117
C. Conclusion ..................... 129
V. Secondary Issues .................... 130
MEMORANDUM FINDINGS OF FACT AND OPINION
NIMS, Judge: Respondent issued a notice of final
partnership administrative adjustment (FPAA) to Saba Partnership
(Saba) setting forth adjustments to Saba's partnership returns
for the taxable years ended March 31, 1990, March 31, 1991, and
June 21, 1991. Respondent also issued an FPAA to Otrabanda
Investerings Partnership (Otrabanda) setting forth adjustments to
Otrabanda's partnership returns for the taxable years ended July
31, 1990, and June 21, 1991. Brunswick Corporation, the tax
matters partner for both Saba and Otrabanda, invoked the Court's
jurisdiction by filing timely petitions for readjustment
challenging the FPAAs. (For simplicity, we refer to Brunswick
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Last modified: May 25, 2011