Seagate Technology, Inc. - Page 25

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               In light of the foregoing and considering the facts of this            
          case, we hold that the relation-back doctrine established in                
          Arrowsmith v. Commissioner, supra, does not apply for purposes              
          of characterizing Conner Malaysia’s gain on the sale of the                 
          Read-Rite stock.  Accordingly, petitioner’s gain on the sale of             
          the Read-Rite stock constitutes FPHCI.                                      
               We have considered the parties’ remaining arguments and                
          find them either irrelevant or unnecessary for resolving the                
          parties’ controversy.  To reflect the foregoing,                            
                                         An order will be issued denying              
                                    petitioner’s motion for partial summary           
                                    judgment and granting respondent’s                
                                    motion for partial summary judgment.              

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