- 3 -
cases cited thereat. The factual materials and the inferences to
be drawn from them must be viewed in the light most favorable to
the party opposing the motion. Blanton v. Commissioner, 94 T.C.
491, 494 (1990). The opposing party cannot rest upon mere
allegations or denials set forth in that party's pleadings,
O'Neal v. Commissioner, supra at 674, and must make a showing
sufficient to establish the existence of each element essential
to that party's case and on which that party will bear the burden
of proof at trial, Celotex Corp. v. Catrett, 477 U.S. 317, 322
(1986) (interpreting Fed. R. Civ. P. 56(c), on which Rule 121(b)
is based).
In deciding the instant 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). The facts presented below are based on the
parties' pleadings and moving papers, and other relevant
materials in the record and are viewed in terms most favorable to
petitioners. Blanton v. Commissioner, supra at 494.
Background
At the time they filed their petition in the instant case,
petitioners resided in Marietta, Georgia. During at least
January through July 1992, petitioner was employed by
International Business Machines Corp. (IBM). On July 28, 1992,
petitioner was informed by his manager, Catherine F. Allman, that
the project to which he was assigned would no longer be funded
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