- 19 -
Moreover, petitioners elsewhere in the opposition state:
“Thomas O’Keefe, Esq., a certified tax specialist, represented
the Petitioner as tax counsel rendering tax advice over a period
of many years, and in particular in 1989, the period during which
events occurred that are raised in Respondent’s Motion in Limine
herein.” To similar effect, petitioners remark that “Thomas
O’Keefe, Esq., a certified tax specialist, had been a long time
attorney for Mr. Johnston and entities owned and controlled by
him”, and at yet another location characterize Mr. O’Keefe as
“long time tax counsel of Petitioner, Mr. Johnston”.
Additionally, the bill from Mr. O’Keefe to Shorecliffs and Mr.
Johnston for legal fees incurred in June of 1989 contains the
following description dated “06/28/89”:
Meeting with Tom Johnston, Darrell Spence and Frank
Nish re Shorecliffs; Review of sale transaction;
Prepared demand on escrow and notice and
acknowledgement [sic] regarding earth subsidence issues
to Buyer; Tax research and strategy planning regarding
basis, installment deal, sub-s and Exchange issues.
There is also the fact that income from the Shorecliffs sale
was reported on neither the original nor the amended 1989 return.
Hence, to the extent that reliance on expert advice can excuse
the alleged fraudulent failure to report this transaction, such
reliance was not only or in the first instance on the accountant
aiding in preparation of the amended return. We are satisfied
Page: Previous 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 NextLast modified: May 25, 2011