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Discussion
Summary judgment is intended to expedite litigation and avoid
unnecessary and expensive trials. See Florida Peach Corp. v.
Commissioner, 90 T.C. 678, 681 (1988). Summary judgment may be
granted with respect to all or any part of the legal issues in
controversy “if the pleadings, answers to interrogatories,
depositions, admissions, and any other acceptable materials,
together with the affidavits, if any, show that there is no genuine
issue as to any material fact and that a decision may be rendered
as a matter of law.” Rule 121(b). The party opposing the motion
cannot rest upon the allegations or denials in the pleadings but
must “set forth specific facts showing that there is a genuine
issue for trial.” Rule 121(d). The moving party, however, bears
the burden of proving that there is no genuine issue of material
fact, and factual inferences will be read in a manner most
favorable to the party opposing summary judgment. See Marshall v.
Commissioner, 85 T.C. 267, 271 (1985).
On the basis of the record presented, we are satisfied that
there are no material facts in dispute with regard to the issues
raised in petitioners' motion for partial summary judgment.
Section 2501 imposes a tax for each calendar year on the
transfer of property by gift by any individual. Section 2512
provides that if a gift is made in property, “the value thereof at
the date of the gift shall be considered the amount of the gift.”
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