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eBook details

• Title: Hoover v. Langston Equipment Associates Inc.
• Author : United States Court Of Appeals For The Sixth Circuit
• Release Date : January 12, 1992
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 65 KB

Description

Per Curiam. Between December 15, 1980 and February 15, 1982, plaintiff Richard E. Hoover purchased limited partnership interests in defendant businesses Langston Equipment Associates and the Winfield Collection. During the same period, plaintiff John H. Stewart purchased a limited partnership interest in Langston Equipment Associates. The defendants include an array of limited partnerships, general partnerships, corporations, corporate officers, individuals who are partners in general partnerships, and a law firm that issued tax opinions. Plaintiffs claim that defendants misrepresented the nature of these businesses, the value of the securities, and the tax benefits of the investments, all with the intent to induce plaintiffs to purchase securities. Neither business generated a profit, plaintiffs investments did not earn a significant return, and the I.R.S. disallowed the claimed tax benefits.

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