John G. Goettee, Jr. and Marian Goettee - Page 12

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               On April 9, 1990, we filed our unanimous Court-reviewed                
          opinion in First Western Govt. Securities v. Commissioner, 94               
          T.C. 549 (1990), in which we denied an identical motion filed by            
          the taxpayers in those consolidated cases.  We certified those              
          cases for interlocutory appellate review.  Id. at 564-565, 569.             
          We held those cases, and others such as Series 115, in abeyance             
          pending appellate resolution of the issue.  Our opinion in First            
          Western Govt. Securities v. Commissioner, supra, was affirmed sub           
          nom. Samuels, Kramer & Co. v. Commissioner, 930 F.2d 975 (2d Cir.           
          1991).  The issue finally was resolved in Freytag v.                        
          Commissioner, 501 U.S. 868 (1991).                                          
               On July 15, 1991, Series 115 was assigned to Special Trial             
          Judge Pate.  Series 115 was tried and submitted to Special Trial            
          Judge Pate on January 15, 1993.                                             
               In the spring of 1993, after the trial in Series 115, the              
          Commissioner renewed the earlier settlement offer in the                    
          Barrister cases.  Winkler decided to renew the settlement offer             
          because he anticipated many problems in the pre-TEFRA Barrister             
          cases which would require a lot of time to resolve.  Some of the            
          problems Winkler anticipated included the presence of carrybacks            
          and mispostings to accounts.  The settlement offer also was                 
          renewed to (1) give Winkler and his colleagues work while they              
          were awaiting an opinion in the Series 115 case, and (2) reduce             
          the inventory of Barrister cases.                                           

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