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II. General Principles Applicable to These Cases ...... 93
A. Taxation of Interest Received by
Foreign Corporations--In General ......... 94
B. Substance Over Form and Related Doctrines. ...... . 99
III. Positions of the Parties With Respect
To the Transactions at Issue .............. 104
A. Bank Transactions ................. 104
1. Respondent's Position ............ 104
2. Petitioner's Position ............ 107
a. Petitioner's Principal Arguments .... 107
b. Petitioner's Alternative Arguments ... 110
B. Horbury Transaction ................ 110
1. Respondent's Position ............ 110
2. Petitioner's Position ............ 111
IV. Resolution of Certain Questions That Relate
to All or Some of the Transactions at Issue ...... 112
A. Resolution of Certain Questions That
Relate to All the Transactions at Issue ...... 113
1. Relationships Among the Persons
Involved in the Transactions at Issue .... 113
a. Bank Transactions ............ 113
b. Horbury Transaction ........... 116
2. Purpose for the Form of Each
of the Transactions at Issue ......... 117
a. Whether the Form of Each
of the Transactions at Issue
Had a Nontax, Business Purpose ..... 117
(1) Bank Transactions ......... 118
(a) Bangkok Bank LA Branch
and Union Bank ........ 118
(b) Radcliffe and BOT ....... 123
(c) Foreign Corporations
Pledging Collateral ...... 128
(d) Summary ............ 131
(2) Horbury Transaction ........ 132
b. Whether the Interest Deductions
Claimed by Radcliffe and by BOT
Indicate a Tax Avoidance Purpose
for Any of the Transactions at Issue .. 133
(1) Bank Transactions ......... 133
(2) Horbury Transaction ........ 135
B. Resolution of Certain Questions That
Relate Only to the Bank Transactions ....... 136
1. Whether the Binding Commitment Test
of the Step Transaction Doctrine
Applies to Any of the Bank Transactions ... 136
2. Whether the Role of the Banks in
Question in the Bank Transactions
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