Herbst Asset Mgmt. Trust, et al. - Page 34




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          ity to act on its behalf in each such case.                                 
               We remind petitioners that                                             
               If the Court granted a second chance to every party who                
               lost because of his failure to act in some manner, the                 
               Court clearly could not keep abreast of its work.  In                  
               effect, we would be telling the parties that if they                   
               were not satisfied with the first decision, try again.                 
               * * *                                                                  
          Koufman v. Commissioner, 69 T.C. 473, 476 (1977).14                         
               We find that petitioners have not shown any unusual circum-            
          stances or substantial error that warrants the Court’s relieving            
          them of the consequences of their conduct in these cases by                 
          granting petitioners’ motion for reconsideration.                           
               We have considered all of the arguments and contentions set            
          forth in petitioners’ motion for reconsideration that are not               
          discussed herein, and we find them to be without merit and/or               
          irrelevant.15                                                               


               14See also Long v. Commissioner, 71 T.C. 724, 727 (1979),              
          remanded on another issue 660 F.2d 416 (10th Cir. 1981), in which           
          we quoted the following passage from Selwyn Operating Corp. v.              
          Commissioner, 11 B.T.A. 593, 595 (1928):                                    
                    A party is entitled to have his day in court; both                
               parties are entitled to this, but neither party is                     
               entitled to have more than one fair, reasonable oppor-                 
               tunity to establish his claim or defense.  To allow                    
               more would be to protract litigation to the extent                     
               which would preclude the administration of justice.                    
               15With respect to petitioners’ reliance in petitioners’                
          motion for reconsideration on Alvarez v. Simmons Mkt. Research              
          Bureau, Inc., 839 F.2d 930 (2d Cir. 1988); Harper v. Commis-                
          sioner, 99 T.C. 533 (1992); Marcus v. Commissioner, 70 T.C. 562             
          (1978), affd. without published opinion 621 F.2d 439 (5th Cir.              
                                                             (continued...)           





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