Compaq Computer Corporation and Subsidiaries - Page 2




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               S1 and S2 and used by them against their U.K. tax is                   
               not a subsidy within the meaning of I.R.C. sec. 901(i).                


               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, Allen Duane Webber, David A.                  
          Waimon, Lafayette G. Harter, III, and Steven M. Surdell, for                
          petitioners.                                                                
               Allan E. Lang, Sandra K. Robertson, and Barbara A. Felker,             
          for respondent.                                                             


                                       OPINION                                        

               WELLS, Judge:  In the instant case, the parties filed cross-           
          motions for summary judgment pursuant to Rule 121(a).1  The                 
          issue2 presented by the parties' summary judgment motions is                
          whether Compaq Computer Corp. (petitioner) is entitled to foreign           


          1    Unless otherwise indicated, all section references are to              
          the Internal Revenue Code in effect for 1992, and all Rule                  
          references are to the Tax Court Rules of Practice and Procedure.            
          2    The instant case involves several issues for which the                 
          parties filed separate briefs.  In an opinion issued July 2,                
          1999, we addressed the issue of whether income relating to                  
          printed circuit assemblies should be reallocated under sec. 482             
          to petitioner from its Singapore subsidiary for its 1991 and 1992           
          fiscal years.  See Compaq Computer Corp. & Subs. v. Commissioner,           
          T.C. Memo. 1999-220.  In an opinion issued Sept. 21, 1999, we               
          addressed the issue of whether a foreign tax credit resulting               
          from certain ADR transactions should be allowed.  See Compaq                
          Computer Corp. & Subs. v. Commissioner, 113 T.C. __ (1999).                 




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