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IN RE MDL-731—TAX REFUND LITIGATION OF ORGANIZERS AND PROMOTERS OF INVESTMENT PLANS INVOLVING BOOK PROPERTIES LEASING

Nos. 1376, 1405 and 1406, Dockets 91-6289, 91-6291 and 91-6317.

989 F.2d 1290 (1993)

In re MDL-731 — TAX REFUND LITIGATION OF ORGANIZERS AND PROMOTERS OF INVESTMENT PLANS INVOLVING BOOK PROPERTIES LEASING. BARRISTER ASSOCIATES, Paul Belloff, Parliament Securities Corp., Robert Gold, Madison Library, Inc., Universal Publishing Resources, Ltd. and Geoffrey Townsend, Ltd., Plaintiffs-Appellants-Cross-Appellees, v. UNITED STATES of America, Defendant-Appellee-Cross-Appellant.

United States Court of Appeals, Second Circuit.

Decided March 22, 1993.

Attorney(s) appearing for the Case

David M. Kohane, New York City (Jules Ritholz, Atea Marin, Kostelanetz Ritholz Tigue & Fink, of counsel), for plaintiffs-appellants-cross-appellees Madison Library, Inc., Universal Pub. Resources, Ltd. and Geoffrey Townsend, Ltd.

Nathan M. Silverstein, New Haven, CT (Kurt F. Zimmermann, Silverstein & Osach, P.C., of counsel), for plaintiffs-appellants-cross-appellees Barrister Associates, Paul Belloff, Parliament Securities Corp., and Robert Gold.

Steven W. Parks, Atty., Tax Div., Dept. of Justice, Washington, DC (James A. Bruton, Acting Asst. Atty. Gen., Gary R. Allen, Jonathan S. Cohen, Attys., Tax Div., Dept. of Justice, Washington, DC, Andrew J. Maloney, U.S. Atty., E.D.N.Y., Brooklyn, NY, of counsel), for defendant-appellee-cross-appellant.

Before: FEINBERG, WINTER and ALTIMARI, Circuit Judges.

WINTER, Circuit Judge:

This is an action for a refund of penalties paid to the Internal Revenue Service ("IRS") pursuant to Internal Revenue Code ("I.R.C.") § 6700 (1982). In 1986, the IRS assessed penalties against each of the appellants for promoting and organizing allegedly abusive tax shelters. After paying fifteen percent of the assessments, appellants filed suit for a refund, pursuant to I.R.C. § 6703 (1982). The government counterclaimed for payment...

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