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ACKERMAN v. PRICE WATERHOUSE

156 Misc.2d 865 (1992)

591 N.Y.S.2d 936

Carolyn Ackerman et al., Plaintiffs, v. Price Waterhouse, Defendant.

Supreme Court, New York County.

November 10, 1992

Attorney(s) appearing for the Case

Debevoise & Plimpton, New York City (David W. Rivkin and Lisa H. Lewin of counsel), for defendant. Camhy, Karlinsky & Stein, New York City (Ronald D. Lefton of counsel), Silverman, Harnes & Obstfeld, New York City (Juan J. Harnes of counsel), and Levy, Sonet & Siegel, New York City, for plaintiffs.

DIANE A. LEBEDEFF, J.

This litigation springs from plaintiffs' investments in several limited partnerships under common management, all of which involved shopping center sites and were similarly structured as tax shelters. The catalyst for the suit was a determination by the Internal Revenue Service (the IRS) that plaintiffs had claimed improperly high interest deductions. The IRS assessed plaintiffs for underpayment...

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