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transaction is to be given its tax effect in accord with what
actually occurred and not in accord with what might have
occurred." Don E. Williams Co. v. Commissioner, 429 U.S. 569,
579 (1977) (quoting Commissioner v. National Alfalfa Dehydrating
& Milling Co., 417 U.S. 134, 148-149 (1974)). Accordingly, we
decline to consider what might have been if petitioner had filed
such an application.
We have considered petitioner's remaining contentions and
find them unpersuasive.
In conclusion, respondent has not assessed and is not
attempting to collect any deficiency at issue in the present
case. Consequently, we will deny petitioner's Motion to Restrain
Assessment or Collection.
To reflect the foregoing,
An order denying petitioner's
Motion to Restrain Assessment
or Collection will be entered.
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