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fact and that a decision may be entered as a matter of law. Rule
121(b). A party opposing a motion for summary judgment may not
rest upon mere allegations or denials in pleadings, but the
opposing party must set forth specific facts showing that there
exists a genuine factual issue for trial. Rule 121(d); Celotex
Corp. v. Catrett, 477 U.S. 317, 324 (1986).
Facts deemed admitted under Rule 90(c) may support summary
adjudication of issues involving omitted income, disallowed
losses, and fraud. Frazier v. Commissioner, 91 T.C. 1, 12-13
(1988); Marshall v. Commissioner, 85 T.C. 267, 271-273 (1985);
Doncaster v. Commissioner, 77 T.C. 334, 337-338 (1981);
Marineland Record Co. v. Commissioner, T.C. Memo. 1992-532.
Section 61 provides that gross income includes all income
from whatever source derived. Commissioner v. Glenshaw Glass
Co., 348 U.S. 426, 431 (1955). Income "constitutes taxable
income when its recipient has such control over it that, as a
practical matter, * * * [the recipient] derives readily
realizable economic value from it." Rutkin v. United States, 343
U.S. 130, 137 (1952).
Claimed losses from partnership tax shelter transactions are
deductible for Federal income tax purposes only if they are
supported by economic substance and profit objective. Karr v.
Commissioner, 924 F.2d 1018, 1022-1023 (11th Cir. 1991), affg. 91
T.C. 733 (1988); Brannen v. Commissioner, 78 T.C. 471, 505-506
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