-6-
at the shareholder, and not the corporate, level (viz., (1) for
1990 and 1991 the amount of loss, if any, deductible by each LB&M
shareholder and (2) for 1990 the amount of capital gain, if any,
of each LB&M shareholder). See sec. 6231(a)(5); sec.
301.6231(a)(5)-1T(a), Temporary Proced. & Admin. Regs., 52 Fed.
Reg. 6790 (Mar. 5, 1987). The only matters in dispute in these
cases over which the Court has jurisdiction are whether for each
of the years at issue LB&M was indebted to each of the selling
LB&M shareholders and, if so, the amount of such indebtedness.
See University Heights at Hamilton Corp. v. Commissioner, 97 T.C.
278, 281 (1991); sec. 301.6245-1T(a)(1)(v), Temporary Proced. &
Admin. Regs., 52 Fed. Reg. 3003 (Jan. 30, 1987).
To reflect the foregoing,
An appropriate order will
be issued granting respondent's
motion.
Page: Previous 1 2 3 4 5 6
Last modified: May 25, 2011