- 4 - losses reported by Thunderbird. We found that the language of the consent is clear and unambiguous, and there was no justification to look beyond the terms of the consent in determining the intent of the parties. We interpreted the terms of the consent to mean that the parties thereto mutually agreed that adjustments to petitioners' 1978 return during the extended period could be made to petitioners' share of the partnership items reported by Thunderbird. We noted that partnership items of BDB which did not originate with Thunderbird were not covered under the consent. We further noted that if the consent had specified that adjustments could be made to the partnership items from BDB, as petitioners claimed were necessary, then the consent would have covered all partnership items from BDB. Thus, it would have been a different and broader consent than the consent that was executed. Shortly after we issued Brody I, proceedings in the case were stayed for some time pursuant to the automatic stay in bankruptcy, 11 U.S.C. section 362(a)(8) (1994). When the bankruptcy stay was lifted, we set the case for trial. In due course before trial, respondent filed a motion for summary judgment on the ground that the sole assignment of error raised in the petition had already been decided byPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011