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GREENLEAF ARMS REALTY TRUST I, LLC v. NEW BOSTON FUND, INC.

No. 10-P-2192.

81 Mass. App. Ct. 282 (2012)

GREENLEAF ARMS REALTY TRUST I, LLC, & others v. NEW BOSTON FUND, INC., & others.

Appeals Court of Massachusetts, Suffolk.

February 16, 2012.

Attorney(s) appearing for the Case

Michael C. McLaughlin for the plaintiffs.

Mark A. Berthiaume for the defendants.

Present: BERRY, MEADE, & MILKEY, JJ.

BERRY, J.

In 2003, Joseph and Faye Baglione (husband and wife) entrusted $1.3 million — proceeds derived from a sale of income property — with New Boston Fund, Inc. (New Boston Fund), a locally-based investment management firm. New Boston Fund had promised them an investment vehicle to shelter the monies from gains taxes, as permitted by § 1031 of the Internal Revenue Code. 26 U.S.C. § 1031. That plan went awry, and the Bagliones incurred tax...

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