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Background
The parties have filed with the Court a stipulation of facts
and exhibits attached thereto. We find the stipulated facts
accordingly, and we set forth the relevant facts in this
background section. We also set forth in this section facts
which we find from the exhibits and from matters which
petitioners admitted under Rule 90. Petitioners resided in
Brooklyn, New York, when they filed their petition with the
Court. Petitioner Robert W. Toan is a tax attorney who received
a law degree in 1968 and an LL.M. in taxation in 1977, both from
New York University School of Law.
Petitioners filed a joint 1982 Federal income tax return on
which they claimed an investment tax credit arising from
Catamount. Catamount was organized in 1982 to purchase energy
management systems equipment for installation in certain
identified locations. Petitioners invested in Catamount in 1982,
and they had a .470589-percent interest in its profits and losses
during that year.
Catamount placed energy management systems equipment in
service during 1982. It claimed on its 1982 Federal partnership
information return that its tax basis in that equipment was
$13,100,000 and that the entire basis qualified for the
investment tax credit. Catamount’s claimed tax basis was based
on its position that the fair market value of the equipment was
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