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James P. Fuller, Ronald B. Schrotenboer, Kenneth B. Clark,
William F. Colgin, and Barton W.S. Bassett, for petitioner.
Jeffrey L. Bassin, Nancy B. Herbert, and Bethany A.
Ingwalson, for respondent.
OPINION
LARO, Judge: Respondent moves the Court for partial summary
judgment. See Rule 121. Respondent determined deficiencies of
$593,967, $13,064,705 and $36,102,409 in petitioner’s Federal
income taxes for 1983, 1984, and 1985, respectively. The
deficiencies are attributable partially to respondent’s
determination that petitioner could not in 1995 amend its 1985
tax return to claim for that year a carryover of foreign tax
credits which accrued in 1980, 1981, and 1982.
We decide for the first time whether petitioner timely
elected under section 901(a) to credit (rather than deduct) its
1980, 1981, and 1982 foreign taxes.1 We hold it did not. Unless
otherwise indicated, section references are to the Internal
Revenue Code in effect for the years in issue. Rule references
are to the Tax Court Rules of Practice and Procedure.
1 The parties also dispute whether petitioner timely claimed
a refund under sec. 6511(d)(3)(A). On the basis of our holding
on the issue before us, we need not decide that dispute.
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