- 8 -
Commissioner, 98 T.C. 518, 520 (1992), affd. 17 F.3d 965 (7th
Cir. 1994); Zaentz v. Commissioner, 90 T.C. 753, 754 (1988);
Naftel v. Commissioner, 85 T.C. 527, 529 (1985). Rule 121(d)
provides:
When a motion for summary judgment is made and
supported as provided in this Rule, an adverse party
may not rest upon the mere allegations or denials of
such party's pleading, but such party's response, by
affidavits or as otherwise provided in this Rule, must
set forth specific facts showing that there is a
genuine issue for trial. If the adverse party does not
so respond, then a decision, if appropriate, may be
entered against such party.
See King v. Commissioner, 87 T.C. 1213, 1217 (1986).
Based upon our review of the record, we are satisfied that
there is no genuine issue of material fact and that respondent is
entitled to judgment as a matter of law.
The issue for decision is whether respondent abused her
discretion in requiring petitioner to remain on the accrual
method of accounting in computing its income taxes. We consider
section 446 in deciding this issue.
Section 446 provides in pertinent part:
(a) General Rule.--Taxable income shall be
computed under the method of accounting on the basis of
which the taxpayer regularly computes his income in
keeping his books.
(b) Exceptions.--If no method of accounting has
been regularly used by the taxpayer, or if the method
used does not clearly reflect income, the computation
of taxable income shall be made under such method as,
in the opinion of the Secretary, does clearly reflect
income.
Page: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011