Sign In
Events
Newsletters
Search

Close

Close Search

Cancel

SEARCH
MY LAW.COMNEW

Ravitch v. Pricewaterhouse

Filing of class action in another state does not toll statute of limitations as to subsequent action filed in Pennsylvania state court.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
�1 Appellant, Carl Ravitch, appeals from the order entered December 22, 2001 in the Court of Common Pleas of Philadelphia County. The order granted judgment on the pleadings in favor of Appellees. We affirm. The well reasoned opinion of the trial court aptly sets forth the facts and procedural history as follows:

In the early 1980′s, Ravitch and the members of the class he seeks to represent invested as limited partners in real estate limited partnerships managed by Commercial Properties Group (“CPG”). The partnerships were tax shelters. By using a method called the “Rule of 78[']s” to calculate the interest that the partnership paid on real estate loans, the partnership generated large short-term losses. CPG employed Price Waterhouse to prepare the tax returns for the partnerships, to prepare the Schedule K-1 for each limited partner showing each partner’s share of the loss, and to audit and render opinions on the partnerships’ financial statements.

On June 6, 1983, the IRS issued Revenue Ruling 83- 84, 1983-1 C.B. 97, specifically disapproving of the Rule of 78[']s. Nonetheless, Price Waterhouse continued to use the Rule of 78[']s for the partnerships. Ravitch claims that Price Waterhouse told him and other limited partners that the revenue ruling did not apply retroactively and, therefore, did not apply to the limited partnerships.

Trending Stories

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

LEARN MORE

More From ALM

Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
Middle East Legal Awards 2024
April 25, 2024
Dubai

Law firms & in-house legal departments with a presence in the middle east celebrate outstanding achievement within the profession.


Learn More
BenefitsPRO Broker Expo 2024
April 29, 2024 - May 01, 2024
Aurora, CO

The premier educational and networking event for employee benefits brokers and agents.


Learn More
Pennsylvania Legal Awards 2024
May 15, 2024
Philadelphia, PA

The Legal Intelligencer honors lawyers leaving a mark on the legal community in Pennsylvania and Delaware.


Learn More
Go to Events Go to Webcasts
Legal Writing & Research Professional

Atlanta s John Marshall Law School is seeking to hire one or more full-time, visiting Legal WritingInstructors to teach Legal Research, Anal...


Apply Now ›
Premises Liability Litigation Attorney Needed (3-6 yr.)

Lower Manhattan firm seeks a premises liability litigator (i.e., depositions, SJ motions, and/or trials) with at least 3-6 years of experien...


Apply Now ›
Public Notice - U.S. Magistrate Judge Reappointment -- California

U.S. District Court for the Northern District of CaliforniaThe current term of office for United States Magistrate Judge Susan van Keulen in...


Apply Now ›
Go to Lawjobs
MELICK & PORTER, LLP
04/15/2024
Connecticut Law Tribune

MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS


View Announcement ›
Apruzzese, McDermott, Mastro & Murphy, P.C.
04/11/2024
New Jersey Law Journal

Professional Announcement


View Announcement ›
Robbins Alloy Belinfante Littlefield
04/08/2024
Daily Report

Daily Report 1/2 Page Professional Announcement 60 Days


View Announcement ›
Go to Professional Announcements