Meredith Corporation & Subsidiaries - Page 17

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          million more than what its initial basis would have been if the             
          Court had not excluded the present value of the assumed editorial           
          costs," any additional deduction is unwarranted.  However,                  
          respondent's argument misses the mark.  As discussed earlier, we            
          held that the tax basis of this intangible asset was $14,641,000            
          as of January 3, 1986 and was to be increased as fulfillment                
          costs were thereafter incurred, through petitioner's TYE 1991.              
          Id. at 455.  What "would have been" if we had decided differently           
          is irrelevant.                                                              
               Moreover, if we had determined in Meredith I that the                  
          editorial costs were not contingent subscriber expenditures, such           
          that the "maximum" tax basis that respondent theorizes in fact              
          applied, Meredith would have been entitled to amortize the entire           
          amount of its editorial costs and associated tax savings through            
          its TYE 1991 over the stipulated 42-month useful life of the                
          asset.  Id. at 445.  The present controversy never would have               
          materialized.  In Meredith I, respondent inveighed against such a           
          result and prevailed.  Respondent cannot have it both ways.                 
               To reflect the foregoing,                                              

                                                  An appropriate order                
                                             granting petitioner's motion             
                                             for partial summary judgment             
                                             and denying respondent's                 

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