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Davis v. Long2/26/2003
transaction with Chevron if not for Long's representation that the 704(b) problem was resolved in a manner that would allow Chevron to make the capital contributions contemplated; (3) Davis could have readily admitted other investors interested in the tax benefits or sold the property and benefits outright rather than enter into a deal with Chevron that did not guarantee he would be repaid; (4) had defendants drafted the proper documentation for this transaction, Chevron could have withheld its contributions pending resolution of its disputes with Davis without causing its capital account to go negative, and Davis would not have felt compelled to sell the building in 1998 to avoid the further loss of tax benefits; (5) even if properly documented, the transaction would not have generated the benefits anticipated by both sides because of other errors made by defendants in evaluating its tax aspects.
These facts, if taken as true, negate the premise that all of Davis's alleged damages were self-inflicted. Davis's additional facts show that defendants' misrepresentations and negligence caused him to forgo other opportunities to recoup his substantial advances to the partnership, induced him to enter into a transaction that could not have achieved his financial objectives, and required him to incur additional expenses for buying out other partners that he has also not recouped. Defendants' further negligence in drafting the partnership documentation resulted in Chevron's capital account going negative in 1998, thus forcing Davis to sell the property prematurely and incur unnecessary litigation with Chevron. At this stage of the litigation, we cannot say that Davis's causation theories fail as a matter of law.
DISPOSITION
The judgment in favor of defendants is reversed.
We concur:
Marchiano, P.J.
Stein, J.
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