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of the borrowed funds in the present case are attributable to the
purchase of portfolio stock by HEI [the parent] or were used to
purchase or carry tax-exempt securities by HEI is a fact question
and not one to be decided on a summary judgment motion." Id. at
85. In this report, we address the factual questions identified
in H Enterprises I.
FINDINGS OF FACT
Certain facts have been stipulated and are so found. The
stipulations of facts filed by the parties, with attached
exhibits, are incorporated herein by this reference. Also, the
Court directed the parties to review those facts set forth in
H Enterprises I and provide the Court with statements of
differences or objections, if any, with respect to those facts.
The parties have identified as the facts set forth in
H Enterprises I the facts set forth in the five consecutive
paragraphs commencing with the last paragraph beginning on
page 73 of volume 105, U.S. Tax Court Reports (105 T.C. at 73;
the H Enterprises I facts). The parties agree with the
H Enterprises I facts subject to certain common, minor, or
inconsequential differences. In light of those agreements, we
shall adopt the H Enterprises I facts for purposes of this
report, subject to (and incorporating) the differences agreed to
by the parties, and we find accordingly. In the following
paragraphs of this portion of our report, we shall summarize
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