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Procedure. In the notice of deficiency, respondent determined
deficiencies in petitioner's Federal income tax in the following
amounts:
Taxable Years
Ending Sept. 30 Deficiency
1987 $175,870
1988 17,909
1989 15,048
1990 187,808
1991 289,879
1992 15,402
The issue on which petitioner has moved for partial summary
judgment is whether petitioner is entitled to deductions for
interest pursuant to section 163 for taxable years ending
September 30, 1990, through September 30, 1992.
Pursuant to Rule 121, petitioner filed an affidavit with
exhibits in support of its motion for partial summary judgment.
Respondent filed a written response with an affidavit and
exhibits opposing petitioner's motion.
Rule 121(b) provides that a motion for summary judgment is
to be granted if “there is no genuine issue as to any material
fact and * * * a decision may be rendered as a matter of law.”
The disposition of a motion for summary judgment under Rule
121(b) is controlled by the following principles: (a) The moving
party must show the absence of dispute as to any material fact
and that a decision may be rendered as a matter of law; (b) the
factual materials and the inferences to be drawn from them must
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