EASTERBROOK, Circuit Judge.
In 1983 and 1984 Gary Van Waeyenberghe and Carl Leibowitz promoted a tax shelter: each $10,000 invested would produce an immediate tax credit of $20,000, a deduction of $10,000, and the opportunity to reap profits from an ethanol manufacturing business. Like most opportunities too good to be true, this was too good to be true — although that did not stop more than 100 persons from taking the bait. The IRS
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