Malcolm I. Lewin and Trina Lewin - Page 9

                                        - 9 -                                         
          eliminated if the partnership could not demonstrate that the                
          price paid for the recyclers approximated their fair market                 
          value.  The tax opinion did not purport to rely on any                      
          independent confirmation of the fair market value of the                    
          recyclers.  Instead, the tax opinion clearly relied on Ulanoff’s            
          conclusion that the purchase price to be paid by F&G was fair and           
          reasonable.  The tax opinion also states:  “PI, ECI, F&G, and the           
          Partnership have represented to us that the prices paid by ECI              
          and by F&G and the terms of the Lease were negotiated at arm’s              
          length.”  The tax opinion concludes that the basis to the                   
          partnership upon which the aggregate investment and energy tax              
          credits are to be computed is the price paid by F&G for the                 
          C.  Individuals Involved                                                    
               Malcolm I. Lewin (petitioner) graduated from the City                  
          College of New York and graduated from New York University Law              
          School in 1966.  In 1967, petitioner came to work for Miller &              
          Summit, a New York law firm, as the two-partner partnership’s               
          only associate.  Elliot Miller (Miller) was one of the partners.            
          Petitioner worked primarily on corporate and transactional                  
          matters.  He was employed by Miller & Summit for about 4 years.             
          During that time, he performed a variety of professional services           
          for PI, which was a major client for Miller.  On many occasions             
          he visited the premises of PI, which then were located in New               

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