- 8 - The facts of Transpac Drilling Venture 1982-12, are distinguishable from the facts of this case. Unlike the tax matters partners in Transpac Drilling Venture 1982-12, nothing here suggests that the consents were agreed to because Roberts, acting personally or through his attorney-in-fact, had a powerful incentive to ingratiate himself with the Government. Nothing suggests that Roberts was a prospective Government witness against other promoters of plastics recycling partnerships; nothing suggests that the consents were agreed to in return for some grant of immunity or sentencing agreements that depended upon Roberts’ cooperation with the Government. Indeed, there is no evidence that Roberts (or his attorney-in-fact) was aware of the criminal tax investigation at the time the consents were signed. Unless he was aware of the existence of the criminal investigation against him, we fail to see how Roberts, acting personally or through his attorney-in-fact, could have been influenced by personal concerns in a such a way that he could not properly discharge his fiduciary duties to the limited partners of Madison. See Agri-Cal Venture Associates v. Commissioner, T.C. Memo. 2000-271. We also disagree with petitioners’ suggestion that the section 6700 proceedings resulted in a conflict of interest; those proceedings had been completed, and the section 6700 sanctions were imposed prior to the time that the consents werePage: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011