Forkston Fireworks Mfg. Co., Inc. - Page 12

          petitioner’s interest in the previous litigation was identical to           
               The controlling case law clearly holds that a corporation is           
          not collaterally estopped by a prior adjudication involving a               
          shareholder in these circumstances.  The corporation is entitled            
          to be heard on the question of whether any part of its                      
          underpayment was due to fraud.  It is clear that, as a matter of            
          law, respondent is not entitled to rely on the doctrine of                  
          collateral estoppel to prove that petitioner (1) understated its            
          income for 1990 and (2) such understatement was due to                      
               We conclude that respondent has not shown that there is no             
          genuine issue as to any material fact with respect to petitioner.           
          We hold that respondent’s motion for partial summary judgment is            
                                                       An appropriate order           
                                                  denying respondent’s                
                                                  motion for summary                  
                                                  judgment will be issued.            

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