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U.S. 235, 241 (1989). When the plain language of the statute or
regulation is clear and unambiguous, that is where the inquiry
should end. General Dynamics Corp. & Subs. v. Commissioner, 108
T.C. at 121-122.
On brief, petitioner presents a plenitude of alternative
arguments in support of its claims for additional FSC commission
expenses for the years in issue. Petitioner's principal
contention is that the plain language of sentence No. 4 requires
only that the party in the overpayment position file its claims
for refund relating to a redetermination of FSC commission
expenses within the allowable time period under section 6511. In
other words, petitioner maintains that the section 6511 period of
limitations need be open only for its own taxes, not those of
UCFSC, in order for petitioner to redetermine its FSC commission
expenses. Thus, petitioner asserts that it can deduct additional
FSC commission expenses in the amounts of $19,176,799,
$27,550,019, and $51,218,650 for 1987, 1988, and 1989,
respectively, subject to any "correlative adjustments" to UCFSC's
returns that, in petitioner's view, are mandated by sentence No.
6 of the Regulation.
Petitioner alternatively argues that, even if a "dual
statute of limitations requirement" inheres in sentence No. 4,
sentence No. 5 literally contains no such requirement.
Therefore, petitioner reasons, it is entitled to claim additional
expenses in the amounts of $17,578,042, $18,638,279, and
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