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constitute “export property” within the meaning of sec.
927(a), I.R.C., and sec. 1.927(a)-1T(f)(3), Temporary
Income Tax Regs., 52 Fed. Reg. 6463 (Mar. 3, 1987) (the
temporary regulation).
Held: The temporary regulation is a reasonable and
valid interpretation of sec. 927(a)(2)(B), I.R.C.
Held, further, computer software masters do not
constitute sec. 927(a), I.R.C., “export property”.
James M. O’Brien, Michael P. Boyle, John M. Peterson, Jr.,
Thomas V.M. Linguanti, Andrew J. Gottlieb, Neal J. Block, Scott H.
Frewing, Robert B. Mitchell, Michael J. Bernard, and William H.
Burkhart, for petitioner.
David P. Fuller, John M. Altman, Ronald M. Rosen, Kimberley J.
Peterson, Michelle D. Korbas, and Kevin G. Croke, for respondent.
JACOBS, Judge: Pursuant to two notices of deficiency
addressed to petitioner, respondent determined Federal income tax
deficiencies and an overpayment, as follows:
Tax Year Ended June 30 Deficiency Overpayment
1987 $6,279,330 ---
1988 4,618,862 ---
1989 1,644,505 ---
1990 --- $1,944,520
1991 8,810,992 ---
The deficiencies determined for 1987-89 are attributable to
respondent’s adjustments to general business credit carrybacks from
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