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the Commissioner may have been different or unsound. Blansett v.
United States, 283 F.2d 474, 478 (8th Cir. 1960); Smith v.
Commissioner, 56 T.C. 263, 291 n.17 (1971); Wilkes-Barre Carriage
Co. v. Commissioner, 39 T.C. 839, 845-846 (1963), affd. 332 F.2d
421 (2d Cir. 1964).
It is the Court’s right and obligation to decide the
case upon what it considers to be the correct
application of the law, based upon the record
presented, whether the parties have properly pleaded
the controlling issues or not. * * * if the Court
feels that a full and fair opportunity to present the
facts has been given, and the Court feels that no
further briefing on the law is necessary, the Court can
go forward and decide the case on the record presented.
[Barnette v. Commissioner, T.C. Memo. 1992-595, affd.
without published opinion sub nom. Allied Management
Corp. v. Commissioner, 41 F.3d 667 (11th Cir. 1994).]
There is no reason to believe that petitioners have been
prejudiced by our resolution of the case. Considering
petitioners’ evidentiary showing at trial and arguments on brief,
we are satisfied that they had sufficient opportunity to prove
the relevant facts and would not have presented their case any
differently, even if they had been fully and correctly advised by
the notice of deficiency or respondent’s pleadings of the
intricate and interrelated provisions of the Code that govern the
tax consequences of the business reincorporation transaction.
To reflect the foregoing,
Decision will be entered
under Rule 155.
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