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Mark A. Oates, John M. Peterson, Jr., James M. O'Brien,
Owen P. Martikan, Paul E. Schick, Robert S. Walton, Tamara L.
Frantzen, Erika S. Schechter, A. Duane Webber, David A. Waimon,
Lafayette G. Harter III, and Steven M. Surdell, for petitioner.
Dennis M. Kelly, Ginny Y. Chung, and Rebecca I. Rosenberg,
for respondent.
COHEN, Chief Judge: The issues addressed in this opinion
are whether petitioner's purchase and resale of American
Depository Receipts (ADR's) in 1992 lacked economic substance and
whether petitioner is liable for an accuracy-related penalty
pursuant to section 6662(a). (In a separate opinion, Compaq
Computer Corp. & Subs. v. Commissioner, T.C. Memo. 1999-220, we
held that income relating to printed circuit assemblies should
not be reallocated under section 482 to petitioner from its
Singapore subsidiary for its 1991 and 1992 fiscal years.
Petitioner has also filed a Motion for Summary Judgment on the
issue of whether petitioner is entitled to foreign tax credits
for certain United Kingdom Advance Corporation Tax payments.)
Unless otherwise indicated, all section references are to the
Internal Revenue Code in effect for the years in issue, and all
Rule references are to the Tax Court Rules of Practice and
Procedure.
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