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that they are not entitled to the benefits of that settlement
offer.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulated facts and the attached exhibits are incorporated
by this reference.2 Petitioners resided in North Caldwell, New
Jersey, at the time they filed the petition in this case.
A. The Plastics Recycling Transaction
This case is part of the Plastics Recycling group of cases.
The issues in this group of cases center about a circular
multistep transaction involving the sale and lease of machines
designed to recycle plastic scrap. The additions to tax arise
from the disallowance of losses, investment credits, and energy
credits petitioners claimed with respect to a New York limited
partnership called SAB Foam Recycling Associates (SAB Foam).
For a detailed discussion of the transactions involved in
the Plastics Recycling cases, see Provizer v. Commissioner, T.C.
Memo. 1992-177, affd. per curiam without published opinion 996
2 The parties have stipulated that testimony and
documentary evidence admitted in Cohen v. Commissioner, T.C.
Memo. 2003-303, and in Feinberg v. Commissioner, T.C. Memo. 2003-
304, shall be admitted in the present case, subject to the
parties’ relevance objections, if any. In addition, the parties
have agreed to add to the record as exhibits the testimony of
Elliot Miller in Provizer v. Commissioner, T.C. Memo. 1992-177,
affd. per curiam without published opinion 996 F.2d 1216 (6th
Cir. 1993), and of Stuart Becker in Jaroff v. Commissioner, T.C.
Memo. 1996-527.
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