St. Charles Investment Co., Burton C. Boothby, Tax Matters Person - Page 26

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          increased by the deductions, remain available for potential                 
          future use, albeit that the conditions for such use may never               
          occur.  In this respect, the PAL situation is strikingly similar            
          to that which exists in the case of an NOL which is increased by            
          a depreciation deduction but which may, but not necessarily, be             
          used in a subsequent year.                                                  
               In keeping with the foregoing, respondent's motion for                 
          partial summary judgment is granted, and petitioner's motion is             
          denied.                                                                     
                                             An appropriate order will                
                                        be issued.                                    



























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