Plaintiffs TMG Associates and TMG-II were formed in 1979 and 1980, respectively, as limited partnerships designed primarily for tax shelter investments. Plaintiffs also include numerous limited partners who lost virtually their entire investments in TMG and TMG-II.
The partnerships purported to return losses on a 4 to 1 ratio so that a $10,000 capital contribution returned $40,000 in ordinary losses. Unfortunately for the limited partners, the
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