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petitioners’ son, Lora ceased employment outside the home and
became a housewife and mother. Between 1980 and 1984, Lora also
attended college courses pertaining to interior decorating and
design. Lora has no training in finance, tax, accounting, or
business.
Early in petitioners’ marriage, petitioner Isaac Baranowicz
(Isaac) attended college and earned a bachelor’s degree, master’s
degree, and a certified public accountant (C.P.A.) license. In
1968, Isaac began working for an accounting firm in which, by
1975, he had become a partner. In 1978, Isaac formed I.B.
Management, Inc. (the firm), to establish his own accounting and
financial planning firm. Isaac, as sole owner and a board member
of the firm, made Lora the secretary of the firm, but Lora’s only
responsibility as secretary was to sign the minutes of the firm’s
board meetings.
During petitioners’ marriage, Isaac handled all family
financial matters. Because of Isaac’s education and experience,
Lora relied on and trusted Isaac to handle properly the family’s
finances. Isaac managed and handled the family’s checkbooks,
retirement accounts, and other investments. When a financial
matter required Lora’s signature, Isaac instructed Lora where to
sign, and Lora did so without question.
Through one of Isaac’s clients, Isaac was introduced to
certain equipment leasing partnerships. Isaac invested in
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Last modified: May 25, 2011