LENZ v. ASSOCIATED INNS & RESTAURANTS CO. OF AM.

90 Civ. 3026 (KC).

833 F.Supp. 362 (1993)

Gordon LENZ, individually and on behalf of Naples Tennis Resort, Ltd., Plaintiff, v. ASSOCIATED INNS AND RESTAURANTS COMPANY OF AMERICA, Aircoa Equity Interests Inc., TFC Investments Ltd., Realvest Inc., formerly known as Fracorp, Inc., Defendants.

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

September 24, 1993.


Attorney(s) appearing for the Case

Jay Edmond Russ, Russ & Russ, Massapequa, NY, for plaintiff.

Michael Davies, Coudert Brothers, New York City, for defendants.


OPINION AND ORDER

CONBOY, District Judge:

This case involves a tax shelter that never stopped losing money. In the late 1970's and early 1980's, the United States experienced a rapid proliferation of real estate limited partnerships designed to shelter taxable income. These tax shelters constituted one stimulus for the Congressional overhaul of the federal tax laws in 1986, and reform significantly limited their appeal. The legal fallout from these...

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