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because this case contains no genuine issue as to any material
fact and that judgment should be issued as a matter of law.
Background
Respondent determined a deficiency in petitioners' Federal
income tax for taxable year 1992 in the amount of $18,257. A
notice of deficiency was issued on May 11, 1995.
Respondent filed her above-referenced motion for summary
judgment (respondent's motion) on July 8, 1996. On July 12,
1996, the Court ordered (the Court's order) petitioners to show
cause in writing on or before August 19, 1996, as to why
respondent's motion should not be granted. Petitioners filed
their response (petitioners' response) to the Court's order on
July 29, 1996.
George T. Ogden died testate on July 13, 1981. His wife,
Lucile G. Ogden, served as the personal representative of his
estate. Mr. Ogden's will was prepared by William M. Williams
(Mr. Williams) and was executed on December 24, 1979. Mr.
Ogden's will was probated, and his estate was distributed
according to its provisions.
Mr. Ogden's will created a testamentary trust (the trust)
and provided that Mrs. Ogden was to receive the trust's income
during her lifetime. The will also created two powers with
respect to the trust in favor of Mrs. Ogden. The first power
provided Mrs. Ogden with a noncumulative annual right to withdraw
the greater of $5,000 or 5 percent of the trust's corpus. The
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