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CARTERET SAV. & LOAN ASS'N v. JACKSON

No. 86-1848.

812 F.2d 36 (1987)

CARTERET SAVINGS & LOAN ASSOCIATION, F.A., Plaintiff, Appellee, v. Dr. Neil D. JACKSON, et al., Defendants, Appellants.

United States Court of Appeals, First Circuit.

Decided February 26, 1987.

Attorney(s) appearing for the Case

Stephen A. Hopkins, with whom Paul Killeen, Miriam R. Goldstein and Sherburne, Powers & Needham, Boston, Mass., were on brief, for defendants, appellants.

Mitchel S. Ross, with whom Ann M. Weinthal and Bernkopf, Goodman & Baseman, Boston, Mass., were on brief, for plaintiff, appellee.

Before BOWNES, Circuit Judge, ALDRICH, Senior Circuit Judge, and GIGNOUX, Senior District Judge.

BAILEY ALDRICH, Senior Circuit Judge.

Defendants-appellants Dr. Jackson and his wife were led into an allegedly painless get-rich enterprise by one Garfinkel, now absent. Simply by signing a few papers they expected to achieve gains in the form of substantial deductions on their income tax returns. However, as a result of our present affirmance of the district court, regardless of whatever view the IRS may take, they will realize some unexpected, and very tangible...

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