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IN RE TAX REFUND LITIGATION

No. MDL 87-731 (TCP).

766 F.Supp. 1248 (1991)

In re TAX REFUND LITIGATION.

United States District Court, E.D. New York.

As Amended May 24, 1991.

Attorney(s) appearing for the Case

Silverstein & Osach by Nathan Silverstein, New Haven, Conn., for plaintiffs Bellof, Gold, Barrister Associates and Chadwick Investor Services, Inc.

Kostelanetz, Ritholz, Tigue & Fink by Jules Ritholz, New York City, for plaintiffs Townsend and Universal.

U.S. Dept. of Justice, Tax Div. by Harold Sklar, Washington, D.C., for defendant.

MEMORANDUM AND ORDER

PLATT, Chief Judge.

By jury verdict rendered July 11, 1990, the seven plaintiffs were found to have promoted an abusive tax shelter and thus to be liable for the penalty prescribed by I.R.C. § 6700 (1982). By agreement of the parties, this Court will now determine the correct amount of the penalty owed by each of the plaintiffs.

Facts

The tax shelter promoted by the plaintiffs centered around the purchase...

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