- 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.Page: Previous 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Last modified: May 25, 2011