Passive Activities And Other Oxymorons

JONATHAN S. AND TRACY A. LANDOW, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent. Reference(s): Code Sec. 1033; Code Sec. David D. Aughtry and Hale E. Sheppard, for petitioners. Jennifer K. Martwick, for respondent. Year Deficiency Sec. 6651(a) (1) Under Sec. Landow explained for the reason that concern? We hold they are.

Landow explained in issue 1? We keep they are not. Every one of the known facts in such cases, that your ongoing celebrations posted under Guideline 122, have been stipulated by the celebrations and are so found. Petitioners resided in New York at the right time they filed the petitions in these cases. In 1994, petitioner Jonathan S. Landow (Mr. Landow) orga- nized NY Medical, Inc. (NY Medical), under the laws of Delaware.

Mr. Landow has developed NY Medical into an effective provider of medical services. Around early 2000, Mr. Landow was considering diversifying his personal property and simultaneously rewarding employees of NY Medical through the establishment of a worker stock possession plan (ESOP). IN-MAY 2000, Mr. Landow approached Irwin Selinger of Corporate Solutions Group, LLC (CSG), an affiliate of American Express Corporate Services, to assist him in establishing an ESOP for NY Medical. November 30 On, 2000, NY Medical, Mr. Landow, and Citibank performed a letter contract (Citibank letter contract), and NY Medical executed a demand take note (Citibank demand note) payable to Citibank. 15 million, which was the amount payable under that demand take note.

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This notice shall provide as an training notice from each party to us to progress the money from each of the Blocked Accounts to invest in the ESOT Loan, the Stock purchase and the Sub Loan. Pledged Account and can cause to be transferred therein and can maintain therein cash every once in awhile.

The Customer hereby pledges to the lender, and grants to the Bank a lien, security and home loan curiosity about, all cash or other property deposited from time to time in the Pledged Account. Pledged Account to the payment of the Obliga- tions. THE LENDER shall have a single control and dominion over the Pledged Accounts. 15 million in full satisfaction of its obligation under the Citibank demand note.

15 million evidencing his loan to that company. 12 million in order to facilitate Mr. Landow’s purchase of certain QRP. November 1 On, 2000, NY Medical, Mr. Landow, and Citibank carried out a document entitled “REVOLVING CREDIT NOTES (Multiple Advances)” (revolving credit take note). On November 1, 2000, Mr. Landow performed a document entitled “General Hypothecation Agreement” (hypothecation agreement). Pursuant compared to that agreement, Mr. Landow pledged as security for the Citibank credit line certain rights to the QRP that he meant to purchase with the loan proceeds that he borrowed against that credit line.

Lender will be shipped immediately to it by the undersigned in form for transfer. Minimum Collateral Value. The undersigned shall adhere to the following minimum amount collateral value requirements. Lender under this Agreement or other- wise, including the right to immediately sell the Pledged Collateral. On November 1, 2000, NY Medical performed a document entitled “GENERAL SECURITY AGREEMENT”. Pursuant to that agreement, NY Medical granted to Citibank a security interest in every of NY Medical’s resources as collateral for its commitments under the revolving credit be aware.

3,094,000 Proctor & Gamble 8/15/2050 11/2/2000 3,000,000 E.I. DuPont 12/27/2039 6/20/2001 3,000,000 Merck & Co. 12/27/2040 9/17/2001 3,000,000 United Parcel Service 6/21/2051 11/13/2001 1,500,000 Minnesota Mining 12/21/2041 11/29/2001 1,156,000 Minnesota Mining 12/21/2041 11/29/2001 250,000 E.I. 15 million the minimum net value that petitioners were to keep up. In all other material respects, the amended revolving credit note was identical to the revolving credit be aware.