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for trial, and respondent's motion for summary judgment was taken
under advisement.
We must now decide, based on the record in the instant case,
including the facts deemed admitted, whether petitioner is liable
for the deficiencies and additions to tax determined by
respondent.
Summary Judgment
We grant summary judgment "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." Marshall v. Commissioner, 85 T.C.
267, 271 (1985).
Period of Limitations
In general, section 6501(a) requires the Commissioner to
assess income tax deficiencies within three years from the date
the tax return was filed. However, section 6501(c)(1) provides:
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