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be viewed in the light most favorable to the party opposing the
motion; and (c) the party opposing the motion cannot rest upon
mere allegations or denials but must set forth specific facts
showing there is a genuine issue for trial. O'Neal v.
Commissioner, 102 T.C. 666, 674 (1994).
A motion for summary judgment will be granted if the Court
is satisfied that no real factual controversy is present so that
the remedy can serve "'its salutary purpose in avoiding a
useless, expensive and time consuming trial where there is no
genuine, material fact issue to be tried.'" Casanova Co. v.
Commissioner, 87 T.C. 214, 217 (1986) (quoting Lyons v. Board of
Educ., 523 F.2d 340, 347 (8th Cir. 1975)).
Solely for the purposes of disposing of petitioner's motion,
we set forth a summary of the facts relevant to our discussion.
Rule 121(b); Sundstrand Corp. v. Commissioner, 98 T.C. 518, 520
(1992), affd. 17 F.3d 965 (7th Cir. 1994).
Charlotte Aircraft Corp. (CAC) is a corporation which was
duly formed under the laws of the State of North Carolina in or
about September 1953, for the purpose of buying and selling
transport category aircraft, aircraft engines, and aircraft
parts. In 1986, CAC formed Caldwell Aircraft Trading Co. (CATCO)
as a wholly owned subsidiary to buy, sell, lease, and broker
aircraft and aircraft engines.
CATCO contacted Security Pacific Equipment Leasing, Inc.
(SPELI), a subsidiary of Security Pacific Bank. SPELI had
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