- 40 -
of section 267(f). It follows, for the same reasons, that
Tracinda is not entitled to increase its basis in the UA shares
by the amount of the UA Loss.33
An appropriate order will be
issued (1) granting TBS' motion for
partial summary judgment, (2)
granting Tracinda's motion
for partial summary judgment as to
the section 311 issue and denying
it as to the section 267 issue, and
(3) denying respondent's motion
for summary judgment.
33In regard to TBS, respondent's notice of deficiency
provides further grounds for the disallowance of the UA Loss.
Respondent contends that the capital loss carryover, which in
part is made up of the UA Loss, is not permitted under secs. 269,
382, and 383. Neither the parties' motions nor this opinion
addresses these issues.
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