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Summary judgment is appropriate where there is no genuine
issue as to any material fact and a decision may be rendered as a
matter of law. Rule 121(b); Sundstrand Corp. v. Commissioner, 98
T.C. 518, 520 (1992), affd. 17 F.3d 965 (7th Cir. 1994); Jacklin
v. Commissioner, 79 T.C. 340, 344 (1982). In deciding whether to
grant summary judgment, the Court must consider the factual
materials and inferences drawn from them in the light most
favorable to the nonmoving party. Bond v. Commissioner, 100 T.C.
32, 36 (1993); Naftel v. Commissioner, 85 T.C. 527, 529 (1985).
If the conditions of summary judgment are otherwise satisfied
with respect to a single issue or less than all the issues in a
case, then partial summary judgment may be granted, even though
all the issues in the case are not disposed of. Rule 121(b);
Naftel v. Commissioner, supra.
The parties agree that no issues of material fact are in
dispute in relation to the section 311 issue or the section 267
issue and that we may render judgment regarding those issues
under Rule 121(b).
B. Section 311 Issue
The form adopted by the parties to the transaction consists
of mutually dependent simultaneous sales of all the issued shares
in MGM to TBS and MGM's sale of all the issued shares in UA to
Tracinda. Respondent views this series of transactions as
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