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HEASLEY v. C.I.R.

No. 88-4950.

902 F.2d 380 (1990)

David E. HEASLEY and Kathleen Heasley, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals, Fifth Circuit.

June 5, 1990.

Attorney(s) appearing for the Case

Andrea Winters, John D. Copeland, Dallas, Tex., for petitioners.

Gary R. Allen, William Rose, Asst. Atty. Gen., William S. Estabrook, Tax Div. U.S. Dept. of Justice, William F. Nelson, Chief Counsel, I.R.S., Washington, D.C., for respondent.

Before GOLDBERG, POLITZ, and JONES, Circuit Judges.

GOLDBERG, Circuit Judge:

Statement of Facts

Between 1981 and 1983, Gaylen Danner, a self-styled economic and financial consultant and securities dealer, introduced Kathleen and David Heasley to numerous investment plans. Before meeting Danner, the Heasleys invested in a mutual fund plan and held $3,000 in stocks as part of Mr. Heasley's job benefit plan. They had no other investment experience. Both held blue collar jobs. Neither Heasley graduated...

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