Saba Partnership, Brunswick Corporation, Tax Matters Partnership - Page 47

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         organization expenses set forth in section 709(b).  Petitioner               
         has failed to show that any of the remaining fees paid to the                
         Cravath firm are unrelated to the purchase and sale of the PPNs              
         and CDs.                                                                     
              Finally, we sustain respondent’s disallowance of the $25,000            
         deductions that both Saba and Otrabanda claimed for                          
         “incorporation fees” paid to N.V. Fides.  Petitioner simply has              
         failed to substantiate these particular deductions to the Court’s            
         satisfaction.                                                                
              To reflect the foregoing,                                               
                                                 Decisions will be                    
                                            entered under Rule 155.                   

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