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purposes of determining whether the period of limitations for
making assessments has run; (2) find that the proper
computational adjustments for 1989 and 1990 result in no
deficiencies in tax or penalties for those years; (3) order
respondent to refund overpayments for taxable years 1989 and
1990, with interest; and (4) find that petitioners incurred net
operating losses for 1989 and 1990 which may be carried back to
their taxable years 1987 and 1988.
A motion for summary judgment may be granted if the
pleadings and other materials demonstrate that no genuine issue
of material fact exists and a decision can be rendered as a
matter of law. Rule 121(b); Sundstrand Corp. & Consol. Subs. v.
Commissioner, 98 T.C. 518, 520 (1992), affd. 17 F.3d 965 (7th
Cir. 1994). The moving party bears the burden of proving that
there is no genuine issue of material fact, and factual
inferences are read in a manner most favorable to the party
opposing summary judgment. Dahlstrom v. Commissioner, 85 T.C.
812, 821 (1985); Jacklin v. Commissioner, 79 T.C. 340, 344
(1982).
Respondent objects to petitioners' motion for summary
judgment on the grounds that it in part seeks the resolution of
matters as to which genuine issues of material fact remain. We
agree. However, because we are satisfied that no genuine issue
exists as to any of the material facts concerning whether the
period of limitations for making assessments for 1989 and 1990
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