- 2 - 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.Page: Previous 1 2 3 4 5 Next
Last modified: May 25, 2011