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issue exists as to any material fact and that he is entitled to
judgment as a matter of law. See Bond v. Commissioner, 100 T.C.
32, 36 (1993); Naftel v. Commissioner, 85 T.C. 527, 529 (1985).
In deciding whether to grant summary judgment, the factual
materials and the inferences drawn from them must be considered
in the light most favorable to the nonmoving party. See Bond v.
Commissioner, supra at 36; Naftel v. Commissioner, supra at 529.
Once a motion for summary judgment is made and supported,
the nonmoving party must do more than merely allege or deny facts
in its pleadings, it must “set forth specific facts showing that
there is a genuine issue for trial. If the adverse party does
not so respond, then a decision, if appropriate, may be entered
against such party.” Rule 121(d); Celotex Corp. v. Catrett, 477
U.S. 317, 324 (1986); Sundstrand Corp. v. Commissioner, supra at
520. Moreover, summary judgment may be granted if the evidence
submitted by the nonmoving party is merely colorable or not
significantly probative. See Anderson v. Liberty Lobby, Inc.,
477 U.S. 242, 249-250 (1986).
Petitioner argues that some of the factual allegations made
by respondent are in dispute. After reviewing the materials
filed by both parties, we find that there is no genuine issue as
to any of the material facts that we have set forth in the
background section of this opinion. “Only disputes over facts
that might affect the outcome of the suit under the governing law
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