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dependent upon proposed adjustments to “partnership items”, which
may not be adjudicated in this proceeding, or to “affected
items”, which may not be determined before final resolution and
adjustment of the partnership items to which they relate.
Petitioner claims that there is no genuine issue as to any
material fact and the law is clear, in its favor. Respondent
conditionally agrees that there is no genuine issue as to any
material fact.2
II. Discussion
A. Respondent’s Adjustments
GAF Chemicals Corp. (GAF Chemicals) and Alkaril Chemicals,
Inc. (Alkaril), are two members of the affiliated group. Rhone-
Poulenc Surfactants and Specialties, L.P., is a Delaware limited
partnership (the partnership). Respondent’s adjustments, which
give rise to the deficiencies and penalty in question, relate to
certain transfers of property by GAF Chemicals and Alkaril (the
transferors). The property in question consists of assets
related to businesses carried on by the transferors. Respondent
determined that the transferors realized gains with respect to
the property at the time of the transfer. Petitioner avers that
the transfer was a contribution by the transferors to the
2Petitioner has requested a hearing on the motion. The
parties’ submissions fully set forth their respective positions,
and we see no need for any further argument. Therefore, we have
not granted petitioner’s request for a hearing.
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Last modified: May 25, 2011