Beaver Bolt, Inc. - Page 2

          prevailed, exhausted its administrative remedies, and meets the             
          net worth requirements.  Sec. 7430(b)(1), (c)(4)(A)(ii)(I),                 
          (iii).  The remaining issues for decision are:                              
               1.   Whether respondent’s position in the underlying                   
          proceeding was substantially justified.  We hold that it was not;           
               2.   whether petitioner's counsel is entitled to be                    
          reimbursed at the rate of $75 per hour plus a cost of living                
          adjustment, as respondent contends; or at a rate of $125, $150,             
          and $180 per hour, as petitioner contends.  We hold that the                
          appropriate hourly rate is $103.95 for 1994 and $107.10 for 1995.           
               The parties submitted memoranda and affidavits supporting              
          their positions.  We decide the motion based on the memoranda and           
          affidavits provided by the parties.  Neither party requested a              
          hearing.  There are no significant factual disputes.  We conclude           
          that a hearing is not necessary to decide this motion.  Rule                
          1.   Petitioner                                                             
               Petitioner is a corporation, the principal place of business           
          of which was in Portland, Oregon, during the years in issue and             
          when it filed its petition.                                                 
          2.   Underlying Tax Case                                                    
               The primary issue in the underlying case, Beaver Bolt, Inc.            
          v. Commissioner, T.C. Memo. 1995-549, filed November 20, 1995,              

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