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(3) Pursuant to the out-of-pocket settlement agreement
referred to in paragraph 2,
a. petitioner is not entitled to any loss deductions
from any cattle partnership for the taxable year 1982;
b. petitioner is not entitled to any investment tax
credit for the taxable year 1982;
c. petitioner is not entitled to any deduction for
cash out of pocket in absence of an executed closing
agreement.
(4) Petitioner refused or neglected to execute a closing
agreement necessary to finalize the out of pocket settlement
offer.
(5) There is a deficiency in income tax due from petitioner
for the taxable year 1982 in the amount of $8,288.
Respondent's motion is supported by the deemed admissions.
Matters deemed admitted pursuant to Rule 90 are conclusively
established and are sufficient to support the granting of a
motion for summary judgment. Morrison v. Commissioner, supra at
651. Petitioner did not appear at the hearing on respondent's
motion, despite notice from this Court, and the deemed admissions
clearly establish that no genuine issue of material fact exists
as to the deficiency determination. Marshall v. Commissioner, 85
T.C. 267, 271-272 (1985). Accordingly, respondent is entitled
summary judgment with respect to such determination as a matter
of law.
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Last modified: May 25, 2011