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In December 1982, the Myerses decided jointly to invest
$19,950 in Jojoba.3 On or about December 12, 1982, Mr. Myers
signed the offeree questionnaire, in which he indicated he did
not intend to rely upon the advice of any other person, attorney,
broker, or investment adviser in evaluating the merits and risks
of the Jojoba investment. Mr. Myers also filled out a
subscription agreement, a promissory note, and a limited guaranty
agreement, each of which Mr. Myers and petitioner subsequently
signed.
The subscription agreement confirmed the Myerses’ agreement
to purchase seven units in Jojoba for $19,950 and provided:
3. Subscriber hereby makes the following
representations and appointment:
(a) His offer to purchase is based solely
upon information contained in the Partnership’s Private
Placement Memorandum and on his own independent
evaluation, which may include the counsel of his own
advisors;
(b) He has received a copy of the
Partnership’s Private Placement Memorandum and the
Agreement of Limited Partnership (“Partnership
Agreement”) and hereby confirms that no
representations, other than those contained in the
Partnership Private Placement Memorandum, have been
made by the General partners or by any agent or
affiliate thereof;
3On Nov. 26, 1985, petitioner assigned her interest in
Jojoba (all seven units) to the Dolores L. Myers or Successor as
Trustee Trust. The notice of deficiency for 1985 and 1986,
however, was issued to petitioner in her individual capacity, the
petition was filed in her individual capacity, and neither party
has alleged that we do not have jurisdiction.
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Last modified: May 25, 2011