Beverly Gordon - Page 7

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          deficiency may be approved on the basis of reasons other than               
          those relied upon by respondent and even where respondent's                 
          reasons are incorrect.  Wilkes-Barre Carriage Co. v. Commis-                
          sioner, 39 T.C. 839, 845 (1963), affd. 332 F.2d 421 (2d Cir.                
          1964).                                                                      
               It is Ms. Gordon's position that she does not have the                 
          burden of showing that there is no basis in fact or in law under            
          section 1256(f)(3)(B) for treating any portion of the 1986 net              
          trading loss as an ordinary loss.  Alternatively, it is Ms.                 
          Gordon's position that if she did have that burden, we erred in             
          finding in our Opinion that she failed to satisfy it.  Ms.                  
          Gordon's positions are grounded on her view that the Court                  
          decided the innocent spouse issue "against the backdrop of its              
          erroneous conclusion that Mr. Gordon claimed that he held most of           
          his options for the purposes specified in �1256(f)(3)(B)".                  
          Although we acknowledge here, as we did in our Opinion, that Mr.            
          Gordon's position was not altogether clear, we were satisfied               
          when we issued our Opinion (as was respondent at trial and on               
          brief), and we are satisfied now, that Mr. Gordon did claim that            
          he held most of the options that generated the 1986 net trading             
          loss for the purposes specified in section 1256(f)(3)(B).                   
          Indeed, Mr. Gordon stated in his trial memorandum submitted prior           
          to trial and throughout his opening and answering briefs submit-            
          ted after trial that the 1986 net trading loss constituted an               






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