- 3 -
University School of Law, Edward P. Knoll4 (petitioner) was
employed by the law firm of Smith, Clinch, and Powers.
Approximately 2 years later, that firm was merged into the law
firm of Winston and Strawn (Winston). Following the
consolidation, petitioner became an associate of Winston.
Petitioner became an income (nonequity) partner and
continued in that status into Winston’s taxable year ending
January 31, 1993. During his 26 years with Winston, petitioner
was primarily involved in the area of general corporate work.
His clients included a State agency that issued tax-exempt bonds
and a leveraged lease broker. Petitioner also prepared tax
returns and acted as a trustee for a client’s estate planning
trust.
In response to a reduced market and the need to improve
profitability, Winston initiated a reduction in force. On March
23, 1992, petitioner along with several other partners, received
letters from Gary L. Fairchild, Winston’s then managing partner,
requesting that they resign from the firm. The weak legal market
and the firm’s profitability concerns were the only reasons
stated in the letter as the basis for asking petitioner to
resign.
4 Petitioner, Mary King-Knoll is a party to this case by
reason of the fact that she filed joint Federal income tax
returns with Edward P. Knoll for the years under consideration.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011