- 2 - summary judgment under Rule 121. Respondent filed her motion for summary judgment on November 17, 1995. By order of this Court, dated November 20, 1995, petitioner was allowed to and including January 4, 1996, within which to file any response to respondent's motion. On January 3, 1996, petitioner filed his cross-motion for summary judgment. The issue presented for summary judgment by both parties is whether petitioner may exclude from income, under section 104(a)(2), amounts petitioner received from his previous employer under the employer's Individual Transition Option Program in exchange for signing a General Release and Covenant Not To Sue. A motion for summary judgment is appropriate "if the pleadings, answers to interrogatories, depositions, admissions, and any other acceptable materials, together with the affidavits, if any, show that there is no genuine issue as to any material fact and that a decision may be rendered as a matter of law." Rule 121(b); O'Neal v. Commissioner, 102 T.C. 666, 674 (1994) (quoting Kroh v. Commissioner, 98 T.C. 383, 389 (1992)). The moving party bears the burden of establishing that this requirement is met, and the factual materials and the inferences to be drawn from them must be viewed in the light most favorable to the party opposing the motion. O'Neal v. Commissioner, supra. The opposing party cannot rest upon mere allegations or denials, but must set forth specific facts showing there is a genuine issue for trial. Id. In petitioner's cross-motion for summary judgment, he does not dispute any of respondent's factual allegations; instead hePage: Previous 1 2 3 4 5 6 7 8 9 10 Next
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