- 49 -
These numbers were described in the explanation of items as
“counts any hotels actually managed by” the respective entity;
i.e., HHK, HS, or HP.
OPINION
I. Preliminary Matters--Evidentiary Objections
A. Documents Executed During or Pertaining to Taxable Years
Subsequent to Those in Issue
Respondent objected, on the grounds of relevance, to the
admission into evidence of certain documents executed during
and/or pertaining to periods subsequent to the taxable years in
issue. Alternatively, respondent objected on the grounds that
any probative value of such documents is outweighed by prejudice
or considerations of undue delay, waste of time, or the needless
presentation of cumulative evidence. The documents in question
primarily include management agreements and financial statements
of Hyatt International hotels.
Respondent’s objections, in essence, bear more heavily on
the probative weight of the documents than on their
admissibility. It is noted that respondent did not object to
documents concerning subsequent periods when the documents
supported or were helpful to respondent’s expert’s opinion.
Respondent relies on rules 401, 402, and 403 of the Federal
Rules of Evidence. Under the circumstances here, we hold that
the documents to which respondent objected are relevant and
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