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Dennis E. Frisby, Ira Marcus, Jack Esses, and Thomas C.
Borders, for petitioner.
Robert M. Ratchford, for respondent.
MEMORANDUM OPINION
LARO, Judge: Respondent moves for summary judgment in his
favor, arguing that petitioner has no affiliates within the
meaning of section 204(a)(7)(C) of the Tax Reform Act of 1986
(TRA), Pub. L. 99-514, 100 Stat. 2085, 2155, because it is not a
member of a controlled group of corporations, which, respondent
asserts, is a requirement of that section. We will deny
respondent’s motion. We hold that a taxpayer need not be a
member of a controlled group of corporations to have affiliates
for purposes of TRA section 204(a)(7)(C). Unless otherwise
stated, section references are to the TRA.
Background1
Petitioner is a corporation organized under the General Not
For Profit Corporation Act of the State of Illinois to operate a
commodity exchange. It is a designated contract market that
provides and regulates a commodity exchange in Chicago, Illinois,
where futures contracts and options on futures contracts are
1 All facts were stipulated by the parties in stipulation
100 of the second supplemental stipulation of facts.
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